Manulife Financial Corp $MFC Position Cut by TD Waterhouse Canada Inc.

TD Waterhouse Canada Inc. lowered its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 2.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 6,695,132 shares of the financial services provider’s stock after selling 179,862 shares during the period. Manulife Financial accounts for 1.5% of TD Waterhouse Canada Inc.’s portfolio, making the stock its 16th biggest holding. TD Waterhouse Canada Inc.’s holdings in Manulife Financial were worth $213,904,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Stratos Wealth Partners LTD. increased its stake in shares of Manulife Financial by 25.8% in the second quarter. Stratos Wealth Partners LTD. now owns 46,218 shares of the financial services provider’s stock valued at $1,477,000 after purchasing an additional 9,478 shares during the period. Cidel Asset Management Inc. boosted its position in shares of Manulife Financial by 2.9% during the second quarter. Cidel Asset Management Inc. now owns 496,570 shares of the financial services provider’s stock worth $15,845,000 after buying an additional 14,088 shares during the period. CWM LLC grew its holdings in Manulife Financial by 211.8% in the 2nd quarter. CWM LLC now owns 51,378 shares of the financial services provider’s stock worth $1,642,000 after buying an additional 34,902 shares in the last quarter. Value Partners Investments Inc. increased its position in Manulife Financial by 16,609.6% in the 2nd quarter. Value Partners Investments Inc. now owns 1,519,407 shares of the financial services provider’s stock valued at $48,490,000 after acquiring an additional 1,510,314 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Manulife Financial by 5.8% in the 1st quarter. JPMorgan Chase & Co. now owns 9,501,434 shares of the financial services provider’s stock valued at $295,970,000 after acquiring an additional 521,451 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MFC shares. Royal Bank Of Canada boosted their price target on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. UBS Group assumed coverage on shares of Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating on the stock. Weiss Ratings downgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Monday. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday. Finally, Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research report on Tuesday, October 7th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Manulife Financial has an average rating of “Buy” and a consensus price target of $49.50.

Manulife Financial Stock Performance

MFC opened at $33.57 on Wednesday. The company has a market capitalization of $56.57 billion, a PE ratio of 14.99, a P/E/G ratio of 1.13 and a beta of 0.98. The stock’s fifty day moving average is $32.23 and its 200-day moving average is $31.49. Manulife Financial Corp has a one year low of $25.92 and a one year high of $35.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The firm had revenue of $12.90 billion for the quarter. During the same period in the previous year, the firm earned $1.00 earnings per share. On average, equities research analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Wednesday, November 26th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date is Wednesday, November 26th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s payout ratio is presently 55.56%.

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.