M&G Plc Lowers Position in Manulife Financial Co. (NYSE:MFC)

M&G Plc reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.1% during the third quarter, HoldingsChannel.com reports. The fund owned 2,585,421 shares of the financial services provider’s stock after selling 228,285 shares during the quarter. M&G Plc’s holdings in Manulife Financial were worth $77,530,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. West Financial Advisors LLC bought a new stake in shares of Manulife Financial in the 3rd quarter worth about $26,000. Grove Bank & Trust bought a new position in Manulife Financial during the 2nd quarter valued at about $25,000. Fortitude Family Office LLC bought a new position in Manulife Financial during the 3rd quarter valued at about $31,000. Addison Advisors LLC grew its holdings in Manulife Financial by 77.2% during 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. Finally, HHM Wealth Advisors LLC grew its holdings in Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 600 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on MFC shares. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays assumed coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $35.67.

Manulife Financial Price Performance

Manulife Financial stock opened at $31.29 on Thursday. The firm has a 50-day moving average of $29.21 and a two-hundred day moving average of $26.96. Manulife Financial Co. has a 1 year low of $18.05 and a 1 year high of $31.40. The stock has a market cap of $55.04 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 1.08 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The firm had revenue of $9.41 billion during the quarter, compared to analysts’ expectations of $8.95 billion. During the same quarter in the prior year, the company earned $0.62 EPS. Research analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current year.

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.