M&G Plc Lowers Stake in Manulife Financial Co. (NYSE:MFC)

M&G PLC lessened its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 8.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,585,421 shares of the financial services provider's stock after selling 228,285 shares during the period. M&G PLC owned about 0.14% of Manulife Financial worth $77,530,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Duality Advisers LP raised its holdings in shares of Manulife Financial by 795.2% in the 1st quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider's stock valued at $5,439,000 after buying an additional 193,343 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Manulife Financial by 1,210.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider's stock worth $30,922,000 after purchasing an additional 1,072,474 shares during the period. Bessemer Group Inc. lifted its position in shares of Manulife Financial by 2,913.7% during the first quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider's stock worth $2,163,000 after purchasing an additional 83,741 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Manulife Financial by 0.5% in the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider's stock valued at $393,592,000 after purchasing an additional 75,244 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Manulife Financial by 1.0% in the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider's stock valued at $1,806,508,000 after purchasing an additional 727,764 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays initiated coverage on shares of Manulife Financial in a report on Thursday, September 5th. They set an "equal weight" rating on the stock. Dbs Bank raised Manulife Financial to a "strong-buy" rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $35.67.

Manulife Financial Stock Performance

MFC stock traded up $0.99 during midday trading on Thursday, reaching $32.29. 2,400,871 shares of the company were exchanged, compared to its average volume of 2,538,834. The company has a market cap of $56.80 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 1.08 and a beta of 1.08. Manulife Financial Co. has a 1-year low of $18.05 and a 1-year high of $32.94. The stock's 50-day simple moving average is $29.21 and its 200 day simple moving average is $26.96.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same period last year, the business earned $0.62 EPS. On average, research analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current year.

About Manulife Financial

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.