Indiana Trust & Investment Management Co Has $61,000 Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Indiana Trust & Investment Management Co trimmed its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 18.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,078 shares of the financial services provider’s stock after selling 462 shares during the period. Indiana Trust & Investment Management Co’s holdings in Manulife Financial were worth $61,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Grove Bank & Trust acquired a new stake in shares of Manulife Financial in the 2nd quarter worth about $25,000. West Financial Advisors LLC bought a new stake in Manulife Financial during the 3rd quarter worth approximately $26,000. Bruce G. Allen Investments LLC raised its stake in shares of Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the last quarter. Addison Advisors LLC lifted its holdings in shares of Manulife Financial by 77.2% in the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares in the last quarter. Finally, HHM Wealth Advisors LLC grew its holdings in Manulife Financial by 119.0% during the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after buying an additional 600 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MFC. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. TD Securities boosted their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Barclays started coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial presently has an average rating of “Buy” and a consensus target price of $35.67.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $30.67 on Thursday. The company has a market capitalization of $54.88 billion, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 1.09 and a beta of 1.08. The company’s 50-day moving average is $28.03 and its 200 day moving average is $26.31. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $30.67.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The firm had revenue of $9.41 billion for the quarter, compared to analysts’ expectations of $8.95 billion. During the same period in the previous year, the company earned $0.62 earnings per share. As a group, research analysts predict that Manulife Financial Co. will post 2.73 earnings per share for the current year.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.78%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 66.86%.

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.