Schneider Downs Wealth Management Advisors LP Lowers Holdings in Manulife Financial Co. (NYSE:MFC)

Schneider Downs Wealth Management Advisors LP reduced its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 28.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,894 shares of the financial services provider’s stock after selling 6,358 shares during the period. Schneider Downs Wealth Management Advisors LP’s holdings in Manulife Financial were worth $423,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MFC. Prudential PLC increased its holdings in Manulife Financial by 11.1% in the 4th quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock valued at $25,235,000 after purchasing an additional 114,213 shares in the last quarter. Duality Advisers LP increased its stake in Manulife Financial by 795.2% during the 1st quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider’s stock worth $5,439,000 after buying an additional 193,343 shares during the period. Alberta Investment Management Corp boosted its position in Manulife Financial by 21.4% in the 4th quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock valued at $92,867,000 after buying an additional 737,203 shares during the last quarter. Bessemer Group Inc. boosted its position in Manulife Financial by 2,913.7% in the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 83,741 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Manulife Financial during the fourth quarter valued at about $1,846,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the company. TD Securities increased their price target on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Barclays started coverage on shares of Manulife Financial in a report on Thursday, September 5th. They set an “equal weight” rating for the company. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Manulife Financial currently has an average rating of “Moderate Buy” and an average price target of $35.67.

Manulife Financial Price Performance

MFC stock opened at $27.46 on Wednesday. The firm has a market cap of $48.60 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 0.99 and a beta of 1.08. Manulife Financial Co. has a 1-year low of $17.07 and a 1-year high of $27.82. The firm has a fifty day moving average price of $26.38 and a two-hundred day moving average price of $25.37.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The company had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same period in the previous year, the firm posted $0.62 earnings per share. As a group, analysts expect that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 21st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend is Wednesday, August 21st. Manulife Financial’s dividend payout ratio is currently 67.44%.

About Manulife Financial

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.