Allianz Asset Management GmbH Has $22.52 Million Stake in Manulife Financial Corp $MFC

Allianz Asset Management GmbH reduced its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 48.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 705,679 shares of the financial services provider’s stock after selling 672,482 shares during the period. Allianz Asset Management GmbH’s holdings in Manulife Financial were worth $22,517,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Eastern Bank raised its position in shares of Manulife Financial by 156.1% in the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 590 shares in the last quarter. William B. Walkup & Associates Inc. acquired a new position in Manulife Financial during the 1st quarter valued at about $43,000. Oliver Lagore Vanvalin Investment Group acquired a new position in Manulife Financial during the 2nd quarter valued at about $55,000. Carderock Capital Management Inc. purchased a new position in shares of Manulife Financial in the 2nd quarter worth approximately $58,000. Finally, Kozak & Associates Inc. purchased a new position in shares of Manulife Financial in the 2nd quarter worth approximately $61,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $31.65 on Monday. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $33.07. The firm has a fifty day moving average of $31.11 and a 200 day moving average of $30.87. The firm has a market capitalization 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.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) 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 company had revenue of $11.30 billion during the quarter. During the same period in the previous year, the business earned $0.91 EPS. On average, sell-side analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were given a dividend of $0.3199 per share. The ex-dividend date was Wednesday, August 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 4.0%. Manulife Financial’s dividend payout ratio (DPR) is currently 56.70%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Royal Bank Of Canada lowered their price target on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a report on Tuesday, October 7th. Finally, UBS Group initiated coverage on shares of Manulife Financial in a report on Thursday. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat.com, Manulife Financial has an average rating of “Buy” and an average 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.