Principal Financial Group Inc. Reduces Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Principal Financial Group Inc. trimmed its holdings in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 53.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,500 shares of the financial services provider's stock after selling 75,900 shares during the quarter. Principal Financial Group Inc.'s holdings in Manulife Financial were worth $1,938,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MFC. West Financial Advisors LLC bought a new position in Manulife Financial during the 3rd quarter worth approximately $26,000. Grove Bank & Trust bought a new stake in Manulife Financial during the second quarter valued at $25,000. Fortitude Family Office LLC acquired a new stake in Manulife Financial during the 3rd quarter worth about $31,000. Addison Advisors LLC lifted its stake in shares of Manulife Financial by 77.2% in the 2nd 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 during the period. Finally, HHM Wealth Advisors LLC boosted its position in shares of Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 600 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of NYSE MFC traded down $0.21 during mid-day trading on Friday, reaching $32.47. 1,574,545 shares of the company's stock traded hands, compared to its average volume of 2,219,076. The business has a 50-day simple moving average of $30.38 and a 200 day simple moving average of $27.67. The stock has a market cap of $56.88 billion, a P/E ratio of 15.69, a PEG ratio of 1.19 and a beta of 1.08. Manulife Financial Co. has a 1-year low of $19.13 and a 1-year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping 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 business had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. Equities research analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This is a positive change from Manulife Financial's previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.65%. Manulife Financial's dividend payout ratio (DPR) is 57.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MFC shares. Barclays began coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an "equal weight" rating on the stock. Dbs Bank raised shares of Manulife Financial to a "strong-buy" rating in a research note 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Manulife Financial has a consensus rating of "Buy" and a consensus price target of $37.50.

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.