Comerica Bank Purchases 832 Shares of Manulife Financial Co. (NYSE:MFC)

Comerica Bank boosted its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 124,715 shares of the financial services provider’s stock after buying an additional 832 shares during the period. Comerica Bank’s holdings in Manulife Financial were worth $2,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Reilly Financial Advisors LLC boosted its stake in Manulife Financial by 1,841.7% in the 2nd quarter. Reilly Financial Advisors LLC now owns 1,398 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 1,326 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Manulife Financial in the 2nd quarter valued at $29,000. Carolinas Wealth Consulting LLC raised its holdings in Manulife Financial by 126.8% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 1,735 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 970 shares in the last quarter. Atlas Private Wealth Advisors raised its holdings in Manulife Financial by 61.0% in the 2nd quarter. Atlas Private Wealth Advisors now owns 1,769 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 670 shares in the last quarter. Finally, Strategic Blueprint LLC acquired a new position in Manulife Financial in the 2nd quarter valued at $35,000. Institutional investors and hedge funds own 46.76% of the company’s stock.

Manulife Financial stock opened at $19.57 on Thursday. Manulife Financial Co. has a 52 week low of $16.84 and a 52 week high of $22.25. The stock has a market capitalization of $38.01 billion, a P/E ratio of 7.22, a price-to-earnings-growth ratio of 0.74 and a beta of 1.35. The stock has a fifty day moving average of $19.72 and a 200-day moving average of $19.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, November 3rd. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.05). The business had revenue of $12.69 billion during the quarter. As a group, research analysts anticipate that Manulife Financial Co. will post 2.62 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 20th. Shareholders of record on Wednesday, December 1st will be issued a $0.226 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date is Tuesday, November 30th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.22. Manulife Financial’s dividend payout ratio is presently 33.21%.

Several equities analysts have weighed in on the company. Zacks Investment Research raised Manulife Financial from a “sell” rating to a “hold” rating and set a $21.00 price objective for the company in a report on Tuesday, August 10th. Canaccord Genuity lifted their price objective on Manulife Financial from C$29.50 to C$30.00 and gave the company a “buy” rating in a report on Friday, August 6th. Royal Bank of Canada lifted their price objective on Manulife Financial from $28.00 to $29.00 and gave the company a “sector perform” rating in a report on Friday, August 6th. Scotiabank lifted their price objective on Manulife Financial from C$28.00 to C$30.00 and gave the company a “sector perform” rating in a report on Tuesday, November 16th. Finally, Credit Suisse Group boosted their price target on Manulife Financial from C$26.00 to C$28.00 and gave the stock a “neutral” rating in a report on Tuesday, November 16th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Manulife Financial currently has an average rating of “Hold” and a consensus target price of $29.50.

About Manulife Financial

Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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