Ashton Thomas Private Wealth LLC Acquires 2,538 Shares of Manulife Financial Co. (NYSE:MFC)

Ashton Thomas Private Wealth LLC lifted its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,037 shares of the financial services provider’s stock after acquiring an additional 2,538 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Manulife Financial were worth $1,325,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Maryland State Retirement & Pension System lifted its holdings in shares of Manulife Financial by 22.9% in the first quarter. Maryland State Retirement & Pension System now owns 177,292 shares of the financial services provider’s stock valued at $4,431,000 after purchasing an additional 33,039 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Manulife Financial by 9.3% during the 1st quarter. First Trust Direct Indexing L.P. now owns 34,854 shares of the financial services provider’s stock worth $871,000 after acquiring an additional 2,970 shares during the last quarter. Norden Group LLC bought a new stake in shares of Manulife Financial in the 1st quarter worth $620,000. Measured Wealth Private Client Group LLC grew its stake in shares of Manulife Financial by 11.4% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 41,248 shares of the financial services provider’s stock worth $1,031,000 after acquiring an additional 4,223 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. lifted its position in shares of Manulife Financial by 3.2% during the first quarter. Dixon Mitchell Investment Counsel Inc. now owns 494,845 shares of the financial services provider’s stock valued at $12,371,000 after purchasing an additional 15,496 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

NYSE:MFC traded down $0.07 during trading hours on Friday, reaching $26.76. The stock had a trading volume of 184,630 shares, compared to its average volume of 2,986,115. The stock has a market cap of $47.89 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 0.98 and a beta of 1.09. The stock has a 50 day simple moving average of $25.66 and a 200 day simple moving average of $23.94. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $27.02.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.04. The company had revenue of $9.49 billion during the quarter, compared to analyst estimates of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. On average, equities analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s payout ratio is currently 67.44%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MFC shares. TD Securities lifted their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. National Bank Financial upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $35.00.

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.