Pitcairn Co. Sells 2,304 Shares of Manulife Financial Co. (NYSE:MFC)

Pitcairn Co. trimmed its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 56,093 shares of the financial services provider’s stock after selling 2,304 shares during the quarter. Pitcairn Co.’s holdings in Manulife Financial were worth $1,658,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MFC. Cerity Partners LLC raised its stake in Manulife Financial by 31.1% in the third quarter. Cerity Partners LLC now owns 126,138 shares of the financial services provider’s stock valued at $3,727,000 after purchasing an additional 29,918 shares in the last quarter. Nwam LLC acquired a new position in shares of Manulife Financial in the 3rd quarter valued at approximately $815,000. Citigroup Inc. lifted its holdings in shares of Manulife Financial by 0.6% during the 3rd quarter. Citigroup Inc. now owns 792,694 shares of the financial services provider’s stock worth $23,453,000 after acquiring an additional 4,730 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Manulife Financial by 3.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,186,930 shares of the financial services provider’s stock worth $153,455,000 after acquiring an additional 158,216 shares in the last quarter. Finally, Trustmark National Bank Trust Department increased its stake in Manulife Financial by 2.8% in the third quarter. Trustmark National Bank Trust Department now owns 120,905 shares of the financial services provider’s stock valued at $3,573,000 after acquiring an additional 3,270 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MFC shares. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays assumed coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $37.50.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $32.47 on Friday. The business’s 50-day moving average is $30.38 and its 200-day moving average is $27.70. Manulife Financial Co. has a 1 year low of $19.13 and a 1 year high of $33.07. The company has a market capitalization of $56.88 billion, a price-to-earnings ratio of 15.69, 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.30. The firm had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.73 billion. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. During the same period in the previous year, the firm earned $0.69 earnings per share. Analysts anticipate that Manulife Financial Co. will post 2.74 EPS for the current 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 issued a $0.296 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 3.65%. This is a boost 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 presently 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.