Choreo LLC Reduces Stock Holdings in Manulife Financial Corp $MFC

Choreo LLC reduced its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 2.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 65,640 shares of the financial services provider’s stock after selling 1,544 shares during the quarter. Choreo LLC’s holdings in Manulife Financial were worth $2,098,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Eastern Bank grew its stake in shares of Manulife Financial by 156.1% in the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after buying an additional 590 shares during the period. Winnow Wealth LLC purchased a new stake in shares of Manulife Financial during the 2nd quarter valued at approximately $38,000. William B. Walkup & Associates Inc. acquired a new position in Manulife Financial in the first quarter valued at approximately $43,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Manulife Financial in the second quarter worth approximately $55,000. Finally, Carderock Capital Management Inc. purchased a new position in Manulife Financial in the second quarter worth approximately $58,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Morgan Stanley set a $47.00 price target on Manulife Financial in a research note on Tuesday, October 7th. Royal Bank Of Canada boosted their price objective on shares of Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, November 14th. UBS Group initiated coverage on shares of Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Manulife Financial in a research report on Monday. Finally, BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and an average target price of $49.50.

Manulife Financial Price Performance

NYSE MFC opened at $35.51 on Friday. The company has a market cap of $59.83 billion, a P/E ratio of 15.85, a P/E/G ratio of 1.13 and a beta of 0.98. The stock has a 50-day moving average of $32.73 and a two-hundred day moving average of $31.68. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $35.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $12.90 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period in the previous year, the business posted $1.00 EPS. On average, analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 5.0%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, November 26th. Manulife Financial’s payout ratio is presently 55.56%.

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.