RNC Capital Management LLC Buys 1,395 Shares of Manulife Financial Corp $MFC

RNC Capital Management LLC raised its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 13.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 11,571 shares of the financial services provider’s stock after purchasing an additional 1,395 shares during the quarter. RNC Capital Management LLC’s holdings in Manulife Financial were worth $370,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Eastern Bank raised its position in shares of Manulife Financial by 156.1% during the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 590 shares during the last quarter. William B. Walkup & Associates Inc. acquired a new position in shares of Manulife Financial in the 1st quarter valued at $43,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Manulife Financial in the 2nd quarter valued at $55,000. Carderock Capital Management Inc. acquired a new position in shares of Manulife Financial in the 2nd quarter valued at $58,000. Finally, Kozak & Associates Inc. acquired a new position in shares of Manulife Financial in the 2nd quarter valued at $61,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Manulife Financial stock opened at $31.88 on Thursday. Manulife Financial Corp has a one year low of $25.92 and a one year high of $33.07. The company has a market cap of $54.01 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.10 and a beta of 0.98. The firm has a 50-day moving average of $31.21 and a 200-day moving average of $30.91.

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

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, August 20th were paid a dividend of $0.3199 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Wednesday, August 20th. Manulife Financial’s payout ratio is 56.70%.

Analysts Set New Price Targets

A number of research firms have issued reports on MFC. UBS Group began coverage on Manulife Financial in a report on Thursday, October 16th. They set a “buy” rating for the company. Morgan Stanley set a $47.00 target price on Manulife Financial in a report on Tuesday, October 7th. Royal Bank Of Canada lowered their target price on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $48.00.

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.