PNC Financial Services Group Inc. Acquires 2,554 Shares of Manulife Financial Corp $MFC

PNC Financial Services Group Inc. increased its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 4.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 54,859 shares of the financial services provider’s stock after purchasing an additional 2,554 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Manulife Financial were worth $1,753,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MFC. Eastern Bank increased its position in Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after buying an additional 590 shares in the last quarter. William B. Walkup & Associates Inc. bought a new position in shares of Manulife Financial during the 1st quarter valued at approximately $43,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in Manulife Financial in the 2nd quarter worth approximately $55,000. Carderock Capital Management Inc. bought a new stake in Manulife Financial during the 2nd quarter worth approximately $58,000. Finally, Kozak & Associates Inc. bought a new stake in Manulife Financial during the 2nd quarter worth approximately $61,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 0.9%

Shares of Manulife Financial stock opened at $33.88 on Thursday. The firm has a market cap of $57.08 billion, a PE ratio of 15.12, a PEG ratio of 1.13 and a beta of 0.98. The stock has a 50 day moving average of $32.29 and a 200 day moving average of $31.51. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $35.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $12.90 billion during the quarter. During the same period in the previous year, the business earned $1.00 earnings per share. As a group, equities research 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 will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be paid a $0.44 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Manulife Financial’s payout ratio is currently 55.56%.

Wall Street Analysts Forecast Growth

MFC has been the subject of a number of analyst reports. Weiss Ratings cut shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Morgan Stanley set a $47.00 price target on Manulife Financial in a report on Tuesday, October 7th. UBS Group began coverage on Manulife Financial in a research note on Thursday, October 16th. They issued a “buy” rating for the company. Finally, Royal Bank Of Canada increased their target price on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $49.50.

Manulife Financial 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.