Synovus Financial Corp Has $217,000 Holdings in Manulife Financial Co. (NYSE:MFC)

Synovus Financial Corp lessened its position in shares of Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) by 11.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 13,831 shares of the financial services provider’s stock after selling 1,741 shares during the quarter. Synovus Financial Corp’s holdings in Manulife Financial were worth $217,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vontobel Holding Ltd. increased its position in Manulife Financial by 28.0% during the 2nd quarter. Vontobel Holding Ltd. now owns 409,972 shares of the financial services provider’s stock valued at $7,105,000 after purchasing an additional 89,622 shares during the period. Vise Technologies Inc. acquired a new stake in Manulife Financial during the 1st quarter valued at approximately $231,000. Swiss National Bank increased its position in Manulife Financial by 0.8% during the 2nd quarter. Swiss National Bank now owns 8,695,568 shares of the financial services provider’s stock valued at $150,506,000 after purchasing an additional 67,200 shares during the period. Scotia Capital Inc. boosted its holdings in shares of Manulife Financial by 1.5% during the 2nd quarter. Scotia Capital Inc. now owns 12,374,203 shares of the financial services provider’s stock worth $214,177,000 after buying an additional 185,164 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Manulife Financial by 2.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 4,763,521 shares of the financial services provider’s stock worth $82,425,000 after buying an additional 96,844 shares in the last quarter. Institutional investors and hedge funds own 43.42% of the company’s stock.

Manulife Financial Trading Up 1.7 %

Shares of NYSE:MFC opened at $18.74 on Thursday. The stock’s fifty day simple moving average is $17.69 and its two-hundred day simple moving average is $17.36. Manulife Financial Co. has a 1-year low of $14.92 and a 1-year high of $22.19. The stock has a market cap of $34.95 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 0.78 and a beta of 1.12.

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 9th. The financial services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.02). The business had revenue of $5.96 billion during the quarter, compared to analyst estimates of $11.51 billion. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.27 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 19th. Shareholders of record on Tuesday, November 22nd were paid a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 5.17%. The ex-dividend date was Monday, November 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 32.99%.

Analysts Set New Price Targets

MFC has been the topic of a number of research analyst reports. National Bank Financial cut their price target on Manulife Financial from C$25.00 to C$24.00 in a report on Friday, October 28th. StockNews.com initiated coverage on Manulife Financial in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Barclays cut their price target on Manulife Financial from C$30.00 to C$29.00 in a report on Wednesday, October 12th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.86.

About Manulife Financial

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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.

Further Reading

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

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