Harvest Portfolios Group Inc. Has $2.93 Million Stake in Manulife Financial Co. (NYSE:MFC)

Harvest Portfolios Group Inc. cut its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,125 shares of the financial services provider’s stock after selling 2,400 shares during the period. Harvest Portfolios Group Inc.’s holdings in Manulife Financial were worth $2,930,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Grove Bank & Trust bought a new stake in shares of Manulife Financial in the 2nd quarter valued at approximately $25,000. West Financial Advisors LLC bought a new stake in Manulife Financial in the third quarter worth approximately $26,000. Addison Advisors LLC lifted its stake in shares of Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares during the last quarter. HHM Wealth Advisors LLC increased its holdings in shares of Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 600 shares during the last quarter. Finally, Sachetta LLC increased its holdings in shares of Manulife Financial by 209.5% during the 2nd quarter. Sachetta LLC now owns 1,170 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 792 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $30.51 on Wednesday. The firm has a fifty day moving average price of $29.13 and a two-hundred day moving average price of $26.93. Manulife Financial Co. has a fifty-two week low of $18.05 and a fifty-two week high of $30.86. The company has a market cap of $53.66 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 1.07 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.27. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same period in the previous year, the company posted $0.62 earnings per share. Analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MFC shares. Barclays assumed coverage on Manulife Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $35.67.

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.