Fifth Third Bancorp Trims Stake in Manulife Financial Co. (NYSE:MFC)

Fifth Third Bancorp cut its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 144,113 shares of the financial services provider’s stock after selling 13,075 shares during the quarter. Fifth Third Bancorp’s holdings in Manulife Financial were worth $3,836,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC boosted its holdings in shares of Manulife Financial by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 605 shares during the period. Bruce G. Allen Investments LLC grew its position in Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in Manulife Financial in the first quarter valued at $30,000. Creekmur Asset Management LLC purchased a new stake in shares of Manulife Financial in the fourth quarter valued at about $30,000. Finally, SageView Advisory Group LLC purchased a new stake in shares of Manulife Financial in the first quarter valued at about $32,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. National Bank Financial upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. TD Securities upped their price target on Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $35.67.

Manulife Financial Trading Up 0.1 %

Shares of MFC traded up $0.03 during mid-day trading on Wednesday, hitting $26.10. The company’s stock had a trading volume of 5,026,013 shares, compared to its average volume of 2,822,403. The firm has a 50-day simple moving average of $25.99 and a 200 day simple moving average of $24.97. Manulife Financial Co. has a 1-year low of $17.07 and a 1-year high of $27.51. The firm has a market capitalization of $46.71 billion, a P/E ratio of 15.16, a P/E/G ratio of 0.94 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.64 by $0.27. The company had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. During the same period in the previous year, the firm earned $0.62 EPS. As a group, sell-side analysts predict that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.44%. Manulife Financial’s payout ratio is 66.86%.

About Manulife Financial

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.