Massachusetts Financial Services Co. MA Lowers Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Massachusetts Financial Services Co. MA lowered its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 5.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,326,985 shares of the financial services provider's stock after selling 460,391 shares during the period. Massachusetts Financial Services Co. MA owned about 0.42% of Manulife Financial worth $216,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in MFC. Grove Bank & Trust purchased a new position in Manulife Financial in the second quarter worth approximately $25,000. West Financial Advisors LLC purchased a new position in Manulife Financial in the third quarter valued at $26,000. Addison Advisors LLC raised its stake 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 buying an additional 467 shares in the last quarter. 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 worth $29,000 after acquiring an additional 600 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Manulife Financial in the 3rd quarter valued at about $30,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MFC. Dbs Bank upgraded shares of Manulife Financial to a "strong-buy" rating in a report on Thursday, August 8th. Barclays began coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an "equal weight" rating for the company. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $37.50.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $32.47 on Friday. The firm has a market capitalization of $56.88 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08. The business's 50 day simple moving average is $30.38 and its 200-day simple moving average is $27.67. Manulife Financial Co. has a 12 month low of $19.13 and a 12 month high of $33.07.

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

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be paid a $0.296 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a yield of 3.65%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.29. 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.