12,873 Manulife Financial Corp $MFC Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 661,014 shares of the financial services provider’s stock after selling 12,873 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Manulife Financial were worth $28,233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Addison Advisors LLC bought a new position in shares of Manulife Financial in the second quarter valued at about $25,000. First Bancorp Inc ME bought a new stake in shares of Manulife Financial during the 2nd quarter worth about $26,000. POM Investment Strategies LLC bought a new stake in shares of Manulife Financial during the 2nd quarter worth about $26,000. Livelsberger Financial Advisory bought a new stake in shares of Manulife Financial during the 3rd quarter worth about $26,000. Finally, Provenance Wealth Advisors LLC acquired a new position in Manulife Financial in the 3rd quarter valued at about $27,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

MFC opened at $44.51 on Thursday. Manulife Financial Corp has a fifty-two week low of $32.58 and a fifty-two week high of $46.19. The company has a market capitalization of $73.52 billion, a P/E ratio of 13.61 and a beta of 0.86. The stock has a fifty day moving average of $43.86 and a 200-day moving average of $40.26.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 4th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Manulife Financial had a net margin of 10.28% and a return on equity of 16.75%. The company had revenue of $8.78 billion during the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter in the previous year, the business posted $1.16 earnings per share. On average, equities research analysts predict that Manulife Financial Corp will post 3.00 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, November 20th will be paid a C$0.48 dividend. The ex-dividend date is Friday, November 20th. This represents a $1.94 annualized dividend and a yield of 4.4%. Manulife Financial’s payout ratio is 54.55%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MFC shares. Scotiabank cut shares of Manulife Financial from a “sector outperform” rating to a “sector perform” rating in a report on Tuesday, October 27th. Zacks Research upgraded shares of Manulife Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 2nd. TD Securities restated a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Weiss Ratings cut Manulife Financial from a “buy (a+)” rating to a “buy (a)” rating in a report on Monday. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $58.75.

About Manulife Financial

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth management and investment services to individuals and businesses. Its offerings include life and health insurance, group benefits, retirement solutions and investment products. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife serves customers in Canada, the United States and Asia. In the United States, it operates primarily under the John Hancock name. The company also provides asset management services to institutional and retail clients through Manulife Investment Management, which offers investment strategies across a range of asset classes.