Ritholtz Wealth Management Purchases 22,354 Shares of Manulife Financial Co. (NYSE:MFC)

Ritholtz Wealth Management raised its position in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 12.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,746 shares of the financial services provider's stock after purchasing an additional 22,354 shares during the quarter. Ritholtz Wealth Management's holdings in Manulife Financial were worth $6,080,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Yousif Capital Management LLC grew its stake in Manulife Financial by 1.5% in the first quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider's stock valued at $759,000 after purchasing an additional 460 shares in the last quarter. Indiana Trust & Investment Management CO grew its stake in Manulife Financial by 22.2% in the second quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 462 shares in the last quarter. Addison Advisors LLC grew 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 purchasing an additional 467 shares in the last quarter. First Affirmative Financial Network grew its stake in Manulife Financial by 4.5% in the first quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider's stock valued at $277,000 after purchasing an additional 482 shares in the last quarter. Finally, Bruce G. Allen Investments LLC grew its stake in Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

Shares of NYSE MFC traded up $0.30 during trading hours on Friday, hitting $30.39. 1,006,465 shares of the company's stock were exchanged, compared to its average volume of 2,653,510. Manulife Financial Co. has a 1-year low of $17.07 and a 1-year high of $30.52. The stock has a market capitalization of $53.45 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 1.09 and a beta of 1.08. The company's 50-day moving average price is $27.66 and its 200-day moving average price is $26.18.

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 for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The business had revenue of $9.41 billion during the quarter, compared to analysts' expectations of $8.95 billion. During the same quarter in the previous year, the firm earned $0.62 EPS. On average, research analysts expect that Manulife Financial Co. will post 2.73 earnings per share for the current year.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 21st were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 3.82%. Manulife Financial's dividend payout ratio is presently 67.05%.

Analysts Set New Price Targets

A number of analysts have weighed in on MFC shares. Dbs Bank raised Manulife Financial to a "strong-buy" rating in a research report on Thursday, August 8th. TD Securities boosted their price target on Manulife Financial from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, June 28th. Finally, Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an "equal weight" rating for the company. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $35.67.

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.