Assenagon Asset Management S.A. Sells 496,509 Shares of Manulife Financial Co. (NYSE:MFC)

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Assenagon Asset Management S.A. cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 88.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,699 shares of the financial services provider’s stock after selling 496,509 shares during the period. Assenagon Asset Management S.A.’s holdings in Manulife Financial were worth $1,225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Enterprise Trust & Investment Co bought a new stake in Manulife Financial during the second quarter worth $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Manulife Financial during the second quarter worth $30,000. Cullen Frost Bankers Inc. lifted its stake in Manulife Financial by 72.7% during the second quarter. Cullen Frost Bankers Inc. now owns 1,900 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 800 shares during the last quarter. Rehmann Capital Advisory Group lifted its stake in Manulife Financial by 206.3% during the first quarter. Rehmann Capital Advisory Group now owns 2,205 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 1,485 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA bought a new stake in Manulife Financial during the second quarter worth $38,000. Hedge funds and other institutional investors own 46.04% of the company’s stock.

Several research firms have weighed in on MFC. Zacks Investment Research upgraded Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Tuesday, July 23rd. ValuEngine cut Manulife Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $25.67.

Shares of MFC opened at $18.54 on Monday. Manulife Financial Co. has a 52 week low of $13.33 and a 52 week high of $18.87. The stock has a market capitalization of $38.94 billion, a price-to-earnings ratio of 8.79, a PEG ratio of 0.83 and a beta of 1.42. The stock has a fifty day moving average of $17.79 and a 200-day moving average of $17.74.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.54 EPS for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.01). Manulife Financial had a net margin of 9.36% and a return on equity of 13.27%. The firm had revenue of $16.60 billion during the quarter. During the same period last year, the firm earned $0.70 EPS. On average, research analysts anticipate that Manulife Financial Co. will post 2.22 earnings per share for the current fiscal year.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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