Manulife Financial Corp $MFC Stock: Candriam S.C.A. Trims Stake

Candriam S.C.A. cut its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 86.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,865 shares of the financial services provider’s stock after selling 437,220 shares during the quarter. Candriam S.C.A.’s holdings in Manulife Financial were worth $2,866,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MFC. Ethic Inc. lifted its holdings in shares of Manulife Financial by 48.5% during the third quarter. Ethic Inc. now owns 28,199 shares of the financial services provider’s stock worth $1,201,000 after buying an additional 9,209 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Manulife Financial by 6.6% in the third quarter. Parallel Advisors LLC now owns 9,808 shares of the financial services provider’s stock valued at $418,000 after acquiring an additional 606 shares in the last quarter. CenterBook Partners LP acquired a new position in shares of Manulife Financial in the third quarter valued at about $2,090,000. Kestra Advisory Services LLC increased its position in Manulife Financial by 5.8% during the third quarter. Kestra Advisory Services LLC now owns 140,015 shares of the financial services provider’s stock worth $5,963,000 after acquiring an additional 7,710 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in Manulife Financial by 2.1% during the third quarter. Commonwealth Equity Services LLC now owns 156,217 shares of the financial services provider’s stock worth $6,653,000 after acquiring an additional 3,258 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Zacks Research upgraded shares of Manulife Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 2nd. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Finally, Scotiabank downgraded shares of Manulife Financial from a “sector outperform” rating to a “sector perform” rating in a research report on Tuesday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Manulife Financial has an average rating of “Buy” and an average price target of $58.75.

Manulife Financial Stock Performance

NYSE:MFC opened at $44.26 on Wednesday. The stock has a fifty day moving average price of $43.82 and a 200-day moving average price of $40.23. The company has a market cap of $73.12 billion, a price-to-earnings ratio of 13.61 and a beta of 0.86. Manulife Financial Corp has a fifty-two week low of $32.58 and a fifty-two week high of $46.19.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. Manulife Financial had a return on equity of 16.75% and a net margin of 10.28%. The company had revenue of $8.78 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter last year, the business earned $1.16 earnings per share. Research analysts predict that Manulife Financial Corp will post 3.00 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, November 20th will be given a dividend of C$0.48 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.94 annualized dividend and a yield of 4.4%. Manulife Financial’s dividend payout ratio is currently 54.55%.

Manulife Financial Profile

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth management and investment services to individuals and businesses. Its offerings include life and health insurance, group benefits, retirement solutions and investment products. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife serves customers in Canada, the United States and Asia. In the United States, it operates primarily under the John Hancock name. The company also provides asset management services to institutional and retail clients through Manulife Investment Management, which offers investment strategies across a range of asset classes.