M&G Plc Sells 228,285 Shares of Manulife Financial Co. (NYSE:MFC)

M&G PLC reduced its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 8.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MFC. Toronto Dominion Bank boosted its position in Manulife Financial by 57.9% during the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider's stock valued at $582,444,000 after buying an additional 8,548,114 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Manulife Financial by 103.1% during the first quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider's stock valued at $367,025,000 after acquiring an additional 7,456,712 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Manulife Financial by 14.8% during the first quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider's stock worth $749,435,000 after purchasing an additional 3,720,693 shares during the period. Acadian Asset Management LLC grew its stake in shares of Manulife Financial by 288.4% in the second quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider's stock worth $104,966,000 after purchasing an additional 2,928,316 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in Manulife Financial during the 2nd quarter valued at about $35,806,000. Institutional investors own 52.56% of the company's stock.

Wall Street Analyst Weigh In

MFC has been the subject of several research analyst reports. 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 note on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $35.67.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $31.25 on Thursday. The firm has a market capitalization of $54.97 billion, a P/E ratio of 18.09, a P/E/G ratio of 1.08 and a beta of 1.08. The stock has a 50 day moving average price of $29.21 and a 200-day moving average price of $26.96. Manulife Financial Co. has a 52-week low of $18.05 and a 52-week high of $31.40.

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

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.