Pictet Asset Management SA Has $12.48 Million Position in Manulife Financial Co. (NYSE:MFC)

Pictet Asset Management SA reduced its holdings in Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) by 41.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 721,178 shares of the financial services provider’s stock after selling 509,734 shares during the period. Pictet Asset Management SA’s holdings in Manulife Financial were worth $12,478,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. American Century Companies Inc. lifted its holdings in Manulife Financial by 389.2% in the first quarter. American Century Companies Inc. now owns 867,608 shares of the financial services provider’s stock valued at $18,502,000 after buying an additional 690,240 shares during the period. Vontobel Holding Ltd. raised its holdings in Manulife Financial by 28.0% in the second quarter. Vontobel Holding Ltd. now owns 409,972 shares of the financial services provider’s stock worth $7,105,000 after purchasing an additional 89,622 shares during the period. Vise Technologies Inc. acquired a new stake in Manulife Financial in the first quarter worth $231,000. Checchi Capital Advisers LLC raised its holdings in Manulife Financial by 10.4% in the first quarter. Checchi Capital Advisers LLC now owns 12,907 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 1,220 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Manulife Financial by 49.2% in the first quarter. HighTower Advisors LLC now owns 94,295 shares of the financial services provider’s stock worth $2,010,000 after purchasing an additional 31,076 shares during the period. 44.50% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Down 1.0 %

Manulife Financial stock opened at $17.48 on Thursday. The company has a market cap of $33.01 billion, a P/E ratio of 5.95, a price-to-earnings-growth ratio of 0.78 and a beta of 1.14. Manulife Financial Co. has a 1-year low of $14.92 and a 1-year high of $22.19. The company has a fifty day simple moving average of $16.52 and a 200 day simple moving average of $17.40.

Manulife Financial Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Tuesday, November 22nd will be paid a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 5.54%. The ex-dividend date is Monday, November 21st. Manulife Financial’s dividend payout ratio is currently 35.03%.

Wall Street Analyst Weigh In

MFC has been the topic of several analyst reports. National Bank Financial cut their target price on shares of Manulife Financial from C$25.00 to C$24.00 in a report on Friday, October 28th. Desjardins increased their target price on shares of Manulife Financial from C$24.00 to C$25.00 in a report on Monday, August 15th. Barclays lowered their price objective on shares of Manulife Financial from C$30.00 to C$29.00 in a research report on Wednesday, October 12th. StockNews.com began coverage on shares of Manulife Financial in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Scotiabank raised shares of Manulife Financial from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Manulife Financial has a consensus rating of “Hold” and a consensus target price of $28.86.

Manulife Financial Company Profile

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Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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