Rhumbline Advisers Sells 946 Shares of Manulife Financial Corp $MFC

Rhumbline Advisers decreased its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,637 shares of the financial services provider’s stock after selling 946 shares during the quarter. Rhumbline Advisers’ holdings in Manulife Financial were worth $269,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MFC. William B. Walkup & Associates Inc. purchased a new position in shares of Manulife Financial during the first quarter valued at approximately $43,000. NBC Securities Inc. boosted its position in shares of Manulife Financial by 178,700.0% during the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider’s stock valued at $55,000 after buying an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Manulife Financial during the first quarter valued at approximately $59,000. Alpine Bank Wealth Management purchased a new position in shares of Manulife Financial during the first quarter valued at approximately $71,000. Finally, Golden State Wealth Management LLC boosted its position in shares of Manulife Financial by 118.6% during the first quarter. Golden State Wealth Management LLC now owns 2,486 shares of the financial services provider’s stock valued at $77,000 after buying an additional 1,349 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MFC shares. Morgan Stanley set a $48.00 target price on Manulife Financial in a research report on Monday, August 18th. Royal Bank Of Canada cut their target price on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $48.50.

Manulife Financial Trading Down 1.0%

MFC stock opened at $30.67 on Friday. The stock’s fifty day simple moving average is $30.83 and its two-hundred day simple moving average is $30.72. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The stock has a market cap of $51.98 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.04 and a beta of 0.99.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). The firm had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same quarter in the previous year, the firm posted $0.91 EPS. As a group, analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were paid a $0.3199 dividend. The ex-dividend date was Wednesday, August 20th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. Manulife Financial’s dividend payout ratio is presently 56.70%.

Manulife Financial Company Profile

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.