Oppenheimer Asset Management Inc. Has $5.90 Million Holdings in Manulife Financial Co. (NYSE:MFC)

Oppenheimer Asset Management Inc. cut its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.1% during the third quarter, HoldingsChannel.com reports. The firm owned 199,602 shares of the financial services provider’s stock after selling 2,271 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Manulife Financial were worth $5,898,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MFC. Grove Bank & Trust bought a new stake in Manulife Financial in the 2nd quarter valued at $25,000. West Financial Advisors LLC acquired a new stake in shares of Manulife Financial during the 3rd quarter valued at about $26,000. Addison Advisors LLC boosted its position in shares of Manulife Financial by 77.2% during the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 467 shares in the last quarter. HHM Wealth Advisors LLC increased its stake in Manulife Financial by 119.0% in the second 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 period. Finally, Capital Performance Advisors LLP acquired a new position in Manulife Financial in the third quarter worth about $30,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Trading Up 1.3 %

NYSE:MFC opened at $32.87 on Friday. The stock has a market capitalization of $57.82 billion, a P/E ratio of 15.88, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08. Manulife Financial Co. has a 1 year low of $18.80 and a 1 year high of $33.07. The firm has a 50 day moving average of $29.69 and a 200-day moving average of $27.27.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.30. The firm had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. During the same quarter in the previous year, the company posted $0.69 EPS. As a group, analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be given a dividend of $0.296 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.60%. Manulife Financial’s dividend payout ratio is 57.00%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MFC. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays began coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. One equities 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $37.50.

Manulife Financial 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.