Spinnaker Trust Has $3.62 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Spinnaker Trust decreased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 122,329 shares of the financial services provider’s stock after selling 5,857 shares during the quarter. Spinnaker Trust’s holdings in Manulife Financial were worth $3,615,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Norden Group LLC acquired a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $620,000. Private Advisor Group LLC boosted its position in Manulife Financial by 295.4% in the first quarter. Private Advisor Group LLC now owns 60,860 shares of the financial services provider’s stock valued at $1,521,000 after buying an additional 45,469 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Manulife Financial by 7,887.4% during the first quarter. BNP Paribas Financial Markets now owns 34,346 shares of the financial services provider’s stock worth $858,000 after buying an additional 33,916 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Manulife Financial by 38.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 123,344 shares of the financial services provider’s stock valued at $3,082,000 after acquiring an additional 34,545 shares in the last quarter. Finally, Mediolanum International Funds Ltd acquired a new position in Manulife Financial in the 1st quarter worth about $2,275,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of MFC stock traded up $0.75 during mid-day trading on Wednesday, hitting $30.74. The company’s stock had a trading volume of 480,785 shares, compared to its average volume of 2,531,221. Manulife Financial Co. has a 52 week low of $18.05 and a 52 week high of $30.86. The company’s fifty day simple moving average is $29.13 and its 200-day simple moving average is $26.93. The company has a market cap of $54.07 billion, a PE ratio of 17.34, a P/E/G ratio of 1.07 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.27. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same period in the previous year, the firm earned $0.62 earnings per share. On average, equities analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on MFC. Barclays began coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Manulife Financial has an average rating of “Buy” and an average price target of $35.67.

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.