PNC Financial Services Group Inc. Sells 19,287 Shares of Manulife Financial Co. (NYSE:MFC)

PNC Financial Services Group Inc. lowered its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 18.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,902 shares of the financial services provider's stock after selling 19,287 shares during the period. PNC Financial Services Group Inc.'s holdings in Manulife Financial were worth $2,509,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MFC. West Financial Advisors LLC bought a new stake in Manulife Financial during the third quarter valued at approximately $26,000. Grove Bank & Trust purchased a new stake in shares of Manulife Financial during the 2nd quarter valued at $25,000. Capital Performance Advisors LLP bought a new stake in shares of Manulife Financial during the 3rd quarter worth $30,000. Fortitude Family Office LLC purchased a new position in Manulife Financial in the third quarter worth $31,000. Finally, Addison Advisors LLC increased 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 acquiring an additional 467 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on MFC shares. Barclays began coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They set an "equal weight" rating for the company. Dbs Bank upgraded shares of Manulife Financial to a "strong-buy" rating in a report on Thursday, August 8th. 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's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $37.50.

Manulife Financial Stock Performance

Shares of Manulife Financial stock traded down $0.11 during midday trading on Tuesday, reaching $31.85. 1,083,026 shares of the company's stock traded hands, compared to its average volume of 2,542,745. The stock has a 50 day moving average of $30.45 and a 200-day moving average of $27.76. Manulife Financial Co. has a 12 month low of $19.20 and a 12 month high of $33.07. The company has a market cap of $55.80 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.08.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued 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. The business had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same period in the prior year, the business earned $0.69 EPS. On average, equities 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 given a dividend of $0.296 per share. This represents a $1.18 annualized dividend and a yield of 3.72%. This is a boost from Manulife Financial's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. Manulife Financial's 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.