Synovus Financial Corp Sells 13,665 Shares of Manulife Financial Corp $MFC

Synovus Financial Corp cut its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 12.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,057 shares of the financial services provider’s stock after selling 13,665 shares during the period. Synovus Financial Corp’s holdings in Manulife Financial were worth $2,899,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Root Financial Partners LLC bought a new position in shares of Manulife Financial in the third quarter worth $25,000. Caldwell Trust Co acquired a new stake in Manulife Financial during the second quarter worth about $27,000. Winnow Wealth LLC bought a new position in Manulife Financial in the 2nd quarter valued at about $38,000. Goodman Advisory Group LLC acquired a new position in shares of Manulife Financial in the 2nd quarter valued at approximately $39,000. Finally, Mather Group LLC. bought a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $43,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Price Performance

NYSE:MFC opened at $36.66 on Friday. Manulife Financial Corp has a one year low of $25.92 and a one year high of $38.72. The company has a market cap of $61.46 billion, a PE ratio of 16.51 and a beta of 0.83. The firm’s 50 day simple moving average is $36.99 and its 200 day simple moving average is $33.92.

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

Manulife Financial Increases Dividend

The business also recently announced 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 represents a $1.94 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend is Wednesday, February 25th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s dividend payout ratio (DPR) is presently 63.51%.

Analyst Upgrades and Downgrades

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

Manulife Financial Profile

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.