Toronto Dominion Bank Has $647.45 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Toronto Dominion Bank reduced its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 8.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,910,443 shares of the financial services provider's stock after selling 2,147,060 shares during the period. Manulife Financial makes up about 1.1% of Toronto Dominion Bank's portfolio, making the stock its 18th biggest holding. Toronto Dominion Bank owned approximately 1.25% of Manulife Financial worth $647,454,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MFC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Manulife Financial by 1,210.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider's stock worth $30,922,000 after buying an additional 1,072,474 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Manulife Financial by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider's stock worth $393,592,000 after buying an additional 75,244 shares in the last quarter. Sumitomo Life Insurance Co. acquired a new position in shares of Manulife Financial during the 2nd quarter worth $794,000. DRW Securities LLC bought a new stake in Manulife Financial during the 3rd quarter worth $1,008,000. Finally, International Assets Investment Management LLC bought a new stake in Manulife Financial during the 3rd quarter worth $956,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They set an "equal weight" rating on the stock. One investment 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 stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $37.50.

Manulife Financial Stock Up 0.3 %

Shares of NYSE MFC traded up $0.11 during trading on Wednesday, reaching $31.55. The company had a trading volume of 470,062 shares, compared to its average volume of 2,512,763. The company's fifty day moving average price is $31.12 and its 200-day moving average price is $28.21. Manulife Financial Co. has a 12 month low of $20.67 and a 12 month high of $33.07. The stock has a market cap of $55.27 billion, a P/E ratio of 15.26, a PEG ratio of 1.19 and a beta of 1.09.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The firm had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same quarter in the previous year, the company posted $0.69 EPS. As a group, equities analysts predict that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.75%. This is an increase 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 currently 57.00%.

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.