Citigroup Inc. Acquires 4,730 Shares of Manulife Financial Co. (NYSE:MFC)

Citigroup Inc. raised its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 792,694 shares of the financial services provider’s stock after acquiring an additional 4,730 shares during the quarter. Citigroup Inc.’s holdings in Manulife Financial were worth $23,453,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Manulife Financial by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,186,930 shares of the financial services provider’s stock worth $153,455,000 after purchasing an additional 158,216 shares during the last quarter. Trustmark National Bank Trust Department boosted its holdings in Manulife Financial by 2.8% during the third quarter. Trustmark National Bank Trust Department now owns 120,905 shares of the financial services provider’s stock worth $3,573,000 after buying an additional 3,270 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Manulife Financial by 37.1% during the third quarter. Intech Investment Management LLC now owns 128,710 shares of the financial services provider’s stock worth $3,808,000 after buying an additional 34,838 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its position in shares of Manulife Financial by 1.1% during the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,382,077 shares of the financial services provider’s stock worth $40,841,000 after buying an additional 14,469 shares during the period. Finally, Ontario Teachers Pension Plan Board raised its position in shares of Manulife Financial by 2.7% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 67,928 shares of the financial services provider’s stock valued at $2,007,000 after acquiring an additional 1,780 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Price Performance

MFC opened at $31.84 on Wednesday. The company has a market capitalization of $55.78 billion, a price-to-earnings ratio of 15.38, a P/E/G ratio of 1.18 and a beta of 1.08. The business’s 50-day moving average price is $30.53 and its two-hundred day moving average price is $27.81. Manulife Financial Co. has a 1 year low of $19.20 and a 1 year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.70 by $0.30. The firm had revenue of $10.69 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. During the same quarter in the previous year, the business posted $0.69 EPS. Sell-side analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be issued a dividend of $0.296 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.72%. Manulife Financial’s dividend payout ratio is presently 57.00%.

Analysts Set New Price Targets

MFC has been the subject of several recent analyst reports. Barclays started coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Manulife Financial presently has a consensus rating of “Buy” and a consensus price target of $37.50.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.