Sequoia Financial Advisors LLC Increases Holdings in Manulife Financial Corp $MFC

Key Points

• Sequoia Financial Advisors LLC increased its holdings in Manulife Financial Corp by 26.9% to 77,013 shares, bringing the total value of its investment to approximately $2.46 million.
• Manulife Financial's recent earnings report showed an EPS of $0.69, missing projections by $0.02, with a revenue of $11.30 billion.
• The company announced a quarterly dividend of $0.3199 per share, reflecting a slight increase from its previous dividend, with an annualized yield of 4.0%.

Sequoia Financial Advisors LLC grew its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 26.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,013 shares of the financial services provider's stock after buying an additional 16,347 shares during the period. Sequoia Financial Advisors LLC's holdings in Manulife Financial were worth $2,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Eastern Bank lifted its holdings in Manulife Financial by 156.1% during the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider's stock worth $31,000 after buying an additional 590 shares during the last quarter. William B. Walkup & Associates Inc. purchased a new stake in Manulife Financial during the 1st quarter worth about $43,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in Manulife Financial during the 2nd quarter worth about $55,000. Carderock Capital Management Inc. purchased a new stake in shares of Manulife Financial in the 2nd quarter valued at about $58,000. Finally, Kozak & Associates Inc. purchased a new stake in shares of Manulife Financial in the 2nd quarter valued at about $61,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Down 0.6%

Shares of MFC stock opened at $32.15 on Thursday. The stock has a market capitalization of $54.47 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 1.11 and a beta of 0.98. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $33.07. The stock's 50-day moving average price is $31.05 and its 200 day moving average price is $30.87.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly 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 net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion during the quarter. During the same quarter in the previous year, the business earned $0.91 EPS. Analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced 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. This represents a $1.28 annualized dividend and a yield of 4.0%. The ex-dividend date was Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's payout ratio is presently 56.70%.

Analysts Set New Price Targets

MFC has been the subject of several research reports. Royal Bank Of Canada reduced their target price on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Morgan Stanley set a $47.00 target price on Manulife Financial in a report on Tuesday, October 7th. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of Manulife Financial in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price 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.

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