Aviva PLC Reduces Holdings in Manulife Financial Corp $MFC

Aviva PLC decreased its holdings in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 31.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,598,356 shares of the financial services provider’s stock after selling 738,386 shares during the quarter. Aviva PLC owned 0.09% of Manulife Financial worth $51,096,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. MUFG Securities EMEA plc boosted its stake in shares of Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after acquiring an additional 5,699,999 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Manulife Financial by 134.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock worth $263,046,000 after purchasing an additional 4,840,963 shares in the last quarter. TD Asset Management Inc raised its holdings in Manulife Financial by 6.6% in the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock worth $1,155,639,000 after purchasing an additional 2,289,205 shares during the period. Canada Pension Plan Investment Board lifted its position in Manulife Financial by 30.0% during the first quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider’s stock valued at $300,860,000 after purchasing an additional 2,226,152 shares in the last quarter. Finally, Jupiter Asset Management Ltd. grew its holdings in Manulife Financial by 871.5% during the first quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider’s stock valued at $63,057,000 after purchasing an additional 1,815,642 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Trading Up 0.6%

NYSE:MFC opened at $33.37 on Friday. The stock has a 50-day moving average price of $31.78 and a 200 day moving average price of $31.32. The stock has a market capitalization of $56.38 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $33.47.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The business had revenue of $11.30 billion during the quarter. During the same period last year, the firm earned $0.91 EPS. On average, research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on MFC. UBS Group began coverage on Manulife Financial in a research report on Thursday, October 16th. They issued a “buy” rating for the company. Weiss Ratings reiterated a “buy (a-)” rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Royal Bank Of Canada decreased their target price on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Finally, Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $48.00.

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.