Value Partners Investments Inc. Sells 23,995 Shares of Manulife Financial Corp $MFC

Value Partners Investments Inc. reduced its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,493,417 shares of the financial services provider’s stock after selling 23,995 shares during the period. Manulife Financial comprises approximately 4.3% of Value Partners Investments Inc.’s portfolio, making the stock its 9th largest position. Value Partners Investments Inc.’s holdings in Manulife Financial were worth $63,829,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Addison Advisors LLC purchased a new position in Manulife Financial in the second quarter valued at $25,000. First Bancorp Inc ME acquired a new stake in Manulife Financial in the second quarter valued at $26,000. POM Investment Strategies LLC purchased a new stake in Manulife Financial during the 2nd quarter worth about $26,000. Canerector Inc. lifted its holdings in Manulife Financial by 27.0% during the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after buying an additional 170,000 shares during the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Manulife Financial during the 1st quarter worth about $29,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MFC shares. Royal Bank Of Canada increased their price objective on Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, August 7th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Weiss Ratings upgraded Manulife Financial from a “buy (a)” rating to a “buy (a+)” rating in a research note on Thursday, October 8th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Finally, TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $58.75.

Manulife Financial Price Performance

Shares of Manulife Financial stock traded down $0.24 during trading hours on Monday, hitting $44.10. The company had a trading volume of 1,304,386 shares, compared to its average volume of 2,167,541. The company’s 50-day moving average is $43.41 and its two-hundred day moving average is $41.21. The company has a market cap of $73.17 billion, a P/E ratio of 16.45 and a beta of 0.84. Manulife Financial Corp has a twelve month low of $31.68 and a twelve month high of $45.33.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same period last year, the business earned $0.95 EPS. Manulife Financial’s revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts expect that Manulife Financial Corp will post 2.97 EPS for the current year.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, August 21st were paid a C$0.48 dividend. This represents a $1.94 annualized dividend and a yield of 4.4%. The ex-dividend date was Friday, August 21st. Manulife Financial’s dividend payout ratio is currently 51.49%.

Manulife Financial Company Profile

Manulife Financial Corporation is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into a diversified provider of insurance, wealth and asset management, and retirement solutions. Its common shares trade on the New York Stock Exchange under the symbol MFC.

Manulife offers life, health, and property and casualty insurance, along with retirement products, investment solutions, financial advice, and institutional asset management services.