Keybank National Association OH Sells 7,064 Shares of Manulife Financial Corp $MFC

Keybank National Association OH decreased its holdings in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 8.9% in the second quarter, HoldingsChannel.com reports. The fund owned 71,941 shares of the financial services provider’s stock after selling 7,064 shares during the quarter. Keybank National Association OH’s holdings in Manulife Financial were worth $2,299,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Manulife Financial by 0.5% in the first quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider’s stock worth $2,316,162,000 after acquiring an additional 369,638 shares during the period. TD Asset Management Inc boosted its stake in Manulife Financial by 6.6% during the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after buying an additional 2,289,205 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Manulife Financial by 7.3% during the first quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider’s stock valued at $760,853,000 after buying an additional 1,660,626 shares during the last quarter. Bank of Nova Scotia boosted its stake in Manulife Financial by 7.2% during the first quarter. Bank of Nova Scotia now owns 13,990,810 shares of the financial services provider’s stock valued at $436,007,000 after buying an additional 937,794 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Manulife Financial by 1.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,447,174 shares of the financial services provider’s stock valued at $356,747,000 after buying an additional 112,761 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

NYSE:MFC opened at $32.37 on Friday. The firm has a market capitalization of $54.69 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07. The business has a 50 day simple moving average of $31.50 and a 200-day simple moving average of $31.16.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). The company had revenue of $11.30 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 last year, the firm earned $0.91 earnings per share. As a group, analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were issued a $0.3199 dividend. The ex-dividend date was Wednesday, August 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. Manulife Financial’s dividend payout ratio (DPR) is currently 56.70%.

Analyst Upgrades and Downgrades

MFC has been the subject of a number of research reports. Morgan Stanley set a $47.00 price target on Manulife Financial in a research note on Tuesday, October 7th. UBS Group initiated coverage on Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating for the company. Weiss Ratings reissued a “buy (a-)” rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their price target on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $48.00.

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.