Concurrent Investment Advisors LLC Sells 1,258 Shares of Manulife Financial Corp $MFC

Concurrent Investment Advisors LLC decreased its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 8.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,339 shares of the financial services provider’s stock after selling 1,258 shares during the period. Concurrent Investment Advisors LLC’s holdings in Manulife Financial were worth $426,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its holdings in shares of Manulife Financial by 134.3% in the first quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock valued at $263,046,000 after acquiring an additional 4,840,963 shares in the last quarter. TD Asset Management Inc grew its stake in Manulife Financial by 6.6% in the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after purchasing an additional 2,289,205 shares during the period. Canada Pension Plan Investment Board grew its stake in Manulife Financial by 30.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider’s stock valued at $300,860,000 after purchasing an additional 2,226,152 shares during the period. Jupiter Asset Management Ltd. raised its stake in shares of Manulife Financial by 871.5% during the 1st quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider’s stock worth $63,057,000 after purchasing an additional 1,815,642 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of Manulife Financial by 7.3% during the 1st quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider’s stock worth $760,853,000 after purchasing an additional 1,660,626 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Down 0.0%

MFC opened at $31.65 on Friday. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07. The company has a market cap of $53.63 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.10 and a beta of 0.98. The company has a 50 day moving average of $31.11 and a 200 day moving average of $30.86.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $11.30 billion for the quarter. During the same quarter last year, the firm earned $0.91 earnings per share. Research analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, August 20th were issued a dividend of $0.3199 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. Manulife Financial’s payout ratio is currently 56.70%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MFC shares. UBS Group began coverage on shares of Manulife Financial in a research report on Thursday. They set a “buy” rating for the company. Royal Bank Of Canada reduced their target price on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Finally, Morgan Stanley set a $47.00 price objective on Manulife Financial in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $48.00.

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.