Van ECK Associates Corp Buys 77,864 Shares of Manulife Financial Co. (NYSE:MFC)

Van ECK Associates Corp grew its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 29.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 343,736 shares of the financial services provider's stock after acquiring an additional 77,864 shares during the quarter. Van ECK Associates Corp's holdings in Manulife Financial were worth $10,325,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Duality Advisers LP raised its stake 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 purchasing an additional 193,343 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in 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 acquiring an additional 1,072,474 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Manulife Financial by 2,913.7% during the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider's stock worth $2,163,000 after acquiring an additional 83,741 shares in the last quarter. Legal & General Group Plc raised its holdings 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 last quarter. Finally, Vanguard Group Inc. boosted its holdings in Manulife Financial by 1.0% during the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider's stock worth $1,806,508,000 after purchasing an additional 727,764 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on MFC shares. Barclays initiated coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They set an "equal weight" rating on the stock. Dbs Bank upgraded 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Manulife Financial presently has a consensus rating of "Buy" and a consensus target price of $35.67.

Manulife Financial Stock Up 3.7 %

Shares of MFC stock traded up $1.17 on Thursday, reaching $32.47. The stock had a trading volume of 1,528,738 shares, compared to its average volume of 2,534,554. The firm's 50-day moving average is $29.21 and its two-hundred day moving average is $26.96. The firm has a market capitalization of $57.11 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 1.08 and a beta of 1.08. Manulife Financial Co. has a 12 month low of $18.05 and a 12 month high of $32.94.

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

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.