Parallel Advisors LLC Reduces Stock Holdings in Manulife Financial Corp $MFC

Parallel Advisors LLC cut its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 11.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,610 shares of the financial services provider’s stock after selling 878 shares during the quarter. Parallel Advisors LLC’s holdings in Manulife Financial were worth $211,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Manulife Financial by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider’s stock worth $2,316,162,000 after purchasing an additional 369,638 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Manulife Financial by 6.6% in the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after acquiring an additional 2,289,205 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Manulife Financial by 7.3% in the 1st quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider’s stock valued at $760,853,000 after acquiring an additional 1,660,626 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Manulife Financial by 7.2% in the 1st quarter. Bank of Nova Scotia now owns 13,990,810 shares of the financial services provider’s stock valued at $436,007,000 after acquiring an additional 937,794 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Manulife Financial by 1.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,447,174 shares of the financial services provider’s stock valued at $356,747,000 after acquiring an additional 112,761 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MFC shares. Royal Bank Of Canada reduced their price objective on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Morgan Stanley set a $48.00 price target on Manulife Financial in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and a consensus target price of $48.50.

Manulife Financial Trading Up 0.5%

NYSE:MFC opened at $31.74 on Tuesday. The firm has a market capitalization of $53.78 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 1.06 and a beta of 0.99. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The business’s fifty day moving average price is $30.81 and its 200 day moving average price is $30.70.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $11.30 billion for the quarter. During the same quarter last year, the firm earned $0.91 earnings per share. Equities analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were paid a dividend of $0.3199 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. Manulife Financial’s dividend payout ratio is currently 56.70%.

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.