Triasima Portfolio Management inc. Sells 146,893 Shares of Manulife Financial Corp $MFC

Triasima Portfolio Management inc. cut its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 40.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 215,410 shares of the financial services provider’s stock after selling 146,893 shares during the quarter. Manulife Financial makes up about 1.3% of Triasima Portfolio Management inc.’s investment portfolio, making the stock its 24th largest position. Triasima Portfolio Management inc.’s holdings in Manulife Financial were worth $6,874,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of MFC. William B. Walkup & Associates Inc. bought a new position in Manulife Financial during the 1st quarter worth approximately $43,000. Oliver Lagore Vanvalin Investment Group bought a new position in Manulife Financial during the 2nd quarter worth approximately $55,000. NBC Securities Inc. grew its position in Manulife Financial by 178,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 1,787 shares during the last quarter. Carderock Capital Management Inc. bought a new position in Manulife Financial during the 2nd quarter worth approximately $58,000. Finally, Opal Wealth Advisors LLC bought a new position in Manulife Financial during the 1st quarter worth approximately $59,000. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MFC. Morgan Stanley set a $47.00 price target on Manulife Financial in a research report on Tuesday. Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a research report on Saturday, September 27th. Finally, Royal Bank Of Canada reduced their price target on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $48.00.

Manulife Financial Stock Performance

NYSE MFC opened at $32.14 on Wednesday. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.07. The stock has a 50 day simple moving average of $30.89 and a two-hundred day simple moving average of $30.83. The stock has a market cap of $54.45 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 1.08 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The business had revenue of $11.30 billion during the quarter. During the same period in the prior year, the business posted $0.91 EPS. Sell-side analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were paid a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Wednesday, August 20th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio (DPR) is 56.70%.

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.