Manulife Financial Co. (NYSE:MFC) Shares Purchased by United Services Automobile Association

United Services Automobile Association grew its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 71,535 shares of the financial services provider’s stock after purchasing an additional 5,345 shares during the quarter. United Services Automobile Association’s holdings in Manulife Financial were worth $1,905,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Grove Bank & Trust acquired a new position in Manulife Financial in the second quarter worth approximately $25,000. Fortis Group Advisors LLC grew its holdings in shares of Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 605 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in shares of Manulife Financial by 73.6% during 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 period. Addison Advisors LLC lifted its holdings in shares of Manulife Financial by 77.2% during 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 during the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $30,000. Institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Barclays started coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. TD Securities boosted their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Finally, Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Manulife Financial presently has a consensus rating of “Moderate Buy” and an average target price of $35.67.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $27.35 on Tuesday. The stock has a market capitalization of $48.41 billion, a P/E ratio of 15.90, a P/E/G ratio of 0.99 and a beta of 1.08. The business has a 50-day moving average of $26.36 and a two-hundred day moving average of $25.35. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $27.82.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same period last year, the business posted $0.62 EPS. As a group, research analysts expect that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.24%. The ex-dividend date is Wednesday, August 21st. Manulife Financial’s dividend payout ratio is currently 67.44%.

Manulife Financial 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.