PNC Financial Services Group Inc. Has $2.51 Million Stake in Manulife Financial Co. (NYSE:MFC)

PNC Financial Services Group Inc. trimmed its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 18.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,902 shares of the financial services provider’s stock after selling 19,287 shares during the period. PNC Financial Services Group Inc.’s holdings in Manulife Financial were worth $2,509,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Baron Wealth Management LLC lifted its stake in Manulife Financial by 2.3% in the 3rd quarter. Baron Wealth Management LLC now owns 14,400 shares of the financial services provider’s stock valued at $426,000 after acquiring an additional 330 shares in the last quarter. Americana Partners LLC lifted its position in shares of Manulife Financial by 0.5% in the third quarter. Americana Partners LLC now owns 69,967 shares of the financial services provider’s stock worth $2,068,000 after purchasing an additional 364 shares in the last quarter. Indiana Trust & Investment Management CO boosted its holdings in Manulife Financial by 22.2% during the second quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 462 shares during the last quarter. Addison Advisors LLC grew its position in Manulife Financial by 77.2% in the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares in the last quarter. Finally, LRI Investments LLC increased its stake in Manulife Financial by 8.6% in the 2nd quarter. LRI Investments LLC now owns 6,819 shares of the financial services provider’s stock valued at $182,000 after buying an additional 542 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays initiated coverage on Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Manulife Financial currently has a consensus rating of “Buy” and an average target price of $37.50.

Manulife Financial Stock Performance

Shares of MFC stock opened at $31.96 on Tuesday. Manulife Financial Co. has a 52-week low of $19.20 and a 52-week high of $33.07. The stock has a market cap of $55.99 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.18 and a beta of 1.08. The firm’s 50-day moving average is $30.45 and its 200-day moving average is $27.76.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The firm had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same quarter in the prior year, the company earned $0.69 earnings per share. Sell-side analysts predict that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be given a $0.296 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 annualized dividend and a dividend yield of 3.70%. Manulife Financial’s dividend payout ratio is presently 57.00%.

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.