Manulife Financial Co. (NYSE:MFC) Stock Holdings Reduced by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,602 shares of the financial services provider’s stock after selling 2,271 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Manulife Financial were worth $5,898,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MFC. Grove Bank & Trust bought a new position in Manulife Financial during the second quarter valued at approximately $25,000. West Financial Advisors LLC bought a new position in shares of Manulife Financial during the 3rd quarter valued at $26,000. Addison Advisors LLC lifted its stake in shares of Manulife Financial by 77.2% in the 2nd 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 during the last quarter. HHM Wealth Advisors LLC increased its position 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 during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Manulife Financial during the third quarter worth $30,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on MFC shares. Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One investment 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Stock Performance

NYSE MFC opened at $32.87 on Friday. The stock has a 50-day simple moving average of $29.69 and a 200 day simple moving average of $27.27. Manulife Financial Co. has a twelve month low of $18.80 and a twelve month high of $33.07. The stock has a market capitalization of $57.82 billion, a PE ratio of 15.88, a P/E/G ratio of 1.19 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The company had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the company earned $0.69 earnings per share. As a group, equities research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a $0.296 dividend. This represents a $1.18 annualized dividend and a yield of 3.60%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is currently 57.00%.

About Manulife Financial

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.