Manulife Financial Co. (NYSE:MFC) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,401,349 shares of the financial services provider’s stock after selling 128,027 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Manulife Financial were worth $41,461,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MFC. Invst LLC acquired a new position in shares of Manulife Financial during the first quarter valued at about $220,000. Cetera Investment Advisers increased its holdings in Manulife Financial by 386.1% in the 1st quarter. Cetera Investment Advisers now owns 144,854 shares of the financial services provider’s stock worth $3,620,000 after buying an additional 115,053 shares during the period. Cetera Advisors LLC increased its holdings in Manulife Financial by 90.4% in the 1st quarter. Cetera Advisors LLC now owns 99,602 shares of the financial services provider’s stock worth $2,489,000 after buying an additional 47,303 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in Manulife Financial by 10.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 2,088,842 shares of the financial services provider’s stock worth $51,084,000 after buying an additional 200,426 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in Manulife Financial by 27.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 8,568 shares of the financial services provider’s stock worth $200,000 after buying an additional 1,845 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

MFC has been the topic of several research reports. Barclays initiated coverage on shares of Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $37.50.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $31.89 on Friday. The stock has a market capitalization of $55.87 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.17 and a beta of 1.08. Manulife Financial Co. has a 12 month low of $19.20 and a 12 month high of $33.07. The firm’s 50 day simple moving average is $30.66 and its 200-day simple moving average is $27.86.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.30. The business had revenue of $10.69 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same quarter last year, the company earned $0.69 EPS. Analysts anticipate that Manulife Financial Co. will post 2.72 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.296 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.71%. Manulife Financial’s dividend payout ratio (DPR) is 57.00%.

Manulife Financial Company 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.