Swiss National Bank Lowers Stock Holdings in Manulife Financial Corp $MFC

Swiss National Bank cut its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 6.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,914,300 shares of the financial services provider’s stock after selling 322,500 shares during the period. Swiss National Bank owned about 0.29% of Manulife Financial worth $153,177,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MFC. Root Financial Partners LLC purchased a new position in shares of Manulife Financial in the third quarter valued at approximately $25,000. Caldwell Trust Co purchased a new stake in Manulife Financial during the 2nd quarter worth approximately $27,000. American Wealth Advisors LLC acquired a new stake in Manulife Financial during the 3rd quarter worth approximately $36,000. Winnow Wealth LLC acquired a new stake in Manulife Financial during the 2nd quarter worth approximately $38,000. Finally, Goodman Advisory Group LLC purchased a new position in Manulife Financial in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Trading Down 0.9%

Shares of NYSE:MFC opened at $33.37 on Tuesday. Manulife Financial Corp has a 52 week low of $25.92 and a 52 week high of $38.72. The company’s 50 day moving average is $36.68 and its two-hundred day moving average is $34.32. The company has a market cap of $55.95 billion, a PE ratio of 15.03 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.04. The business had revenue of $11.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. During the same period in the previous year, the company earned $1.03 EPS. As a group, equities research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th will be issued a dividend of $0.485 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $1.94 dividend on an annualized basis and a yield of 5.8%. Manulife Financial’s dividend payout ratio (DPR) is presently 63.96%.

Wall Street Analysts Forecast Growth

MFC has been the subject of several research reports. Canadian Imperial Bank of Commerce upgraded shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Thursday, February 5th. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Finally, Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $51.50.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.