Indiana Trust & Investment Management Co Reduces Position in Manulife Financial Co. (NYSE:MFC)

Indiana Trust & Investment Management Co decreased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 18.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,078 shares of the financial services provider’s stock after selling 462 shares during the period. Indiana Trust & Investment Management Co’s holdings in Manulife Financial were worth $61,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Yousif Capital Management LLC lifted its holdings in Manulife Financial by 1.5% during the 1st quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 460 shares in the last quarter. Addison Advisors LLC increased its position in shares of Manulife Financial by 77.2% during the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after buying an additional 467 shares during the period. First Affirmative Financial Network lifted its holdings in shares of Manulife Financial by 4.5% in the first quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock worth $277,000 after buying an additional 482 shares in the last quarter. Bruce G. Allen Investments LLC boosted its position in shares of Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 490 shares during the period. Finally, LRI Investments LLC grew its stake in Manulife Financial by 8.6% during the second quarter. LRI Investments LLC now owns 6,819 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 542 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on MFC shares. TD Securities increased their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $35.67.

Manulife Financial Price Performance

MFC stock opened at $30.67 on Thursday. The firm has a 50 day simple moving average of $28.03 and a two-hundred day simple moving average of $26.31. The stock has a market cap of $54.88 billion, a PE ratio of 17.83, a P/E/G ratio of 1.09 and a beta of 1.08. Manulife Financial Co. has a one year low of $17.07 and a one year high of $30.67.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The company had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. During the same period in the previous year, the business earned $0.62 earnings per share. On average, research analysts expect that Manulife Financial Co. will post 2.73 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 3.78%. Manulife Financial’s dividend payout ratio (DPR) is presently 66.86%.

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.