Ontario Teachers Pension Plan Board Sells 47,909 Shares of Manulife Financial Corp $MFC

Ontario Teachers Pension Plan Board lessened its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 39.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 72,921 shares of the financial services provider’s stock after selling 47,909 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Manulife Financial were worth $2,333,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Eastern Bank increased its holdings in shares of Manulife Financial by 156.1% during the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 590 shares during the last quarter. William B. Walkup & Associates Inc. bought a new position in Manulife Financial during the first quarter worth $43,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Manulife Financial in the second quarter valued at $55,000. Carderock Capital Management Inc. bought a new position in shares of Manulife Financial in the second quarter valued at about $58,000. Finally, Kozak & Associates Inc. acquired a new stake in shares of Manulife Financial during the 2nd quarter worth about $61,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MFC shares. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a report on Friday. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. UBS Group started coverage on Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating on the stock. Morgan Stanley set a $47.00 price target on Manulife Financial in a report on Tuesday, October 7th. Finally, Royal Bank Of Canada upped their price objective on Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $49.50.

Manulife Financial Trading Down 0.1%

NYSE MFC opened at $34.39 on Friday. The firm’s 50 day simple moving average is $32.12 and its 200 day simple moving average is $31.45. The firm has a market capitalization of $57.95 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $35.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $12.90 billion during the quarter. During the same quarter in the prior year, the firm earned $1.00 earnings per share. On average, equities research analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Wednesday, November 26th will be given a dividend of $0.44 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.76 annualized dividend and a dividend yield of 5.1%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio is currently 55.56%.

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.