Foster & Motley Inc. Has $9.86 Million Stock Holdings in Manulife Financial Corp $MFC

Key Points

• Foster & Motley cut its Manulife Financial position by 9.3% in the second quarter, selling 24,936 shares and retaining 243,502 shares valued at approximately $9.86 million.
• Manulife reported quarterly EPS of $0.79, slightly beating estimates, while revenue rose 7.3% year over year. The company declared a quarterly dividend of $0.485, representing a 4.4% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $59, compared with the stock’s reported price of $44.06.

Foster & Motley Inc. reduced its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 243,502 shares of the financial services provider's stock after selling 24,936 shares during the period. Foster & Motley Inc.'s holdings in Manulife Financial were worth $9,864,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of MFC. Basepoint Wealth LLC bought a new position in Manulife Financial in the 4th quarter valued at about $25,000. Hantz Financial Services Inc. bought a new position in Manulife Financial in the 4th quarter valued at approximately $28,000. Canerector Inc. grew its position in shares of Manulife Financial by 27.0% in the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider's stock valued at $28,000 after buying an additional 170,000 shares during the last quarter. Sfam LLC acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $28,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Manulife Financial during the first quarter valued at $29,000. Institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $44.06 on Wednesday. Manulife Financial Corp has a 52-week low of $29.70 and a 52-week high of $45.33. The firm has a market capitalization of $73.22 billion, a P/E ratio of 16.44 and a beta of 0.84. The stock has a 50 day moving average price of $42.30 and a 200-day moving average price of $38.81.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the company earned $0.95 EPS. The company's quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Friday, August 21st. Manulife Financial's payout ratio is currently 53.36%.

Analysts Set New Price Targets

MFC has been the subject of a number of research analyst reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Royal Bank Of Canada upped their target price on Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Weiss Ratings raised shares of Manulife Financial from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 5th. Finally, Zacks Research lowered Manulife Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $59.00.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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