Oppenheimer Asset Management Inc. Sells 399 Shares of Manulife Financial Corp $MFC

Oppenheimer Asset Management Inc. trimmed its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 156,306 shares of the financial services provider’s stock after selling 399 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Manulife Financial were worth $4,996,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. MQS Management LLC bought a new stake in Manulife Financial in the second quarter valued at $297,000. Focus Partners Advisor Solutions LLC grew its position in Manulife Financial by 7.7% in the second quarter. Focus Partners Advisor Solutions LLC now owns 11,936 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 850 shares during the period. Boothe Investment Group Inc. grew its position in Manulife Financial by 9.3% in the second quarter. Boothe Investment Group Inc. now owns 19,076 shares of the financial services provider’s stock valued at $610,000 after acquiring an additional 1,626 shares during the period. Strategic Blueprint LLC grew its position in Manulife Financial by 5.5% in the second quarter. Strategic Blueprint LLC now owns 15,394 shares of the financial services provider’s stock valued at $492,000 after acquiring an additional 802 shares during the period. Finally, RNC Capital Management LLC grew its position in Manulife Financial by 13.7% in the second quarter. RNC Capital Management LLC now owns 11,571 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 1,395 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Up 0.9%

Shares of MFC opened at $32.90 on Tuesday. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $33.07. The firm has a market capitalization of $55.58 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The stock’s fifty day simple moving average is $31.33 and its 200-day simple moving average is $31.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results 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). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $11.30 billion for the quarter. During the same quarter in the previous year, the business earned $0.91 earnings per share. Analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were paid a dividend of $0.3199 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.9%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, August 20th. Manulife Financial’s payout ratio is currently 56.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MFC. UBS Group began coverage on Manulife Financial in a research report on Thursday, October 16th. They issued a “buy” rating on the stock. Royal Bank Of Canada decreased their target price on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Morgan Stanley set a $47.00 target price on Manulife Financial in a report on Tuesday, October 7th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $48.00.

Manulife Financial Company 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.