Pitcairn Co. Has $1.66 Million Stake in Manulife Financial Co. (NYSE:MFC)

Pitcairn Co. lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,093 shares of the financial services provider’s stock after selling 2,304 shares during the period. Pitcairn Co.’s holdings in Manulife Financial were worth $1,658,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MFC. Baron Wealth Management LLC lifted its stake in Manulife Financial by 2.3% in the third quarter. Baron Wealth Management LLC now owns 14,400 shares of the financial services provider’s stock valued at $426,000 after buying an additional 330 shares during the period. Americana Partners LLC boosted its stake in Manulife Financial by 0.5% during the 3rd quarter. Americana Partners LLC now owns 69,967 shares of the financial services provider’s stock worth $2,068,000 after acquiring an additional 364 shares during the last quarter. Indiana Trust & Investment Management CO grew its holdings in Manulife Financial by 22.2% during the second quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 462 shares during the period. Addison Advisors LLC increased its stake in Manulife Financial by 77.2% in 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 in the last quarter. Finally, LRI Investments LLC raised its holdings in Manulife Financial by 8.6% in the second quarter. LRI Investments LLC now owns 6,819 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 542 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Trading Down 0.6 %

Shares of NYSE MFC opened at $32.47 on Friday. The company has a fifty day moving average price of $30.38 and a 200 day moving average price of $27.70. Manulife Financial Co. has a 1-year low of $19.13 and a 1-year high of $33.07. The firm has a market cap of $56.88 billion, a PE ratio of 15.69, a PEG ratio of 1.19 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The company had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same period in the prior year, the firm earned $0.69 earnings per share. Equities research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a $0.296 dividend. The ex-dividend date is Wednesday, November 20th. 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. Manulife Financial’s dividend payout ratio (DPR) is currently 57.00%.

Wall Street Analysts Forecast Growth

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

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.