Great West Life Assurance Company Holding in Manulife Finl Corp (MFC) Cut by $3.35 Million as Share Value Declined

September 30, 2018 - By Palma Niemeyer

Manulife Financial Corporation (NYSE:MFC) Logo

Great West Life Assurance Company decreased its stake in Manulife Finl Corp (MFC) by 0.88% based on its latest 2018Q2 regulatory filing with the SEC. Great West Life Assurance Company sold 186,099 shares as the company’s stock declined 9.02% while stock markets rallied. The institutional investor held 20.96 million shares of the life insurance company at the end of 2018Q2, valued at $377.71M, down from 21.14 million at the end of the previous reported quarter. Great West Life Assurance Company who had been investing in Manulife Finl Corp for a number of months, seems to be less bullish one the $35.19 billion market cap company. The stock decreased 0.72% or $0.13 during the last trading session, reaching $17.88. About 2.59 million shares traded or 47.43% up from the average. Manulife Financial Corporation (NYSE:MFC) has declined 12.53% since September 30, 2017 and is downtrending. It has underperformed by 28.15% the S&P500.

Great West Life Assurance Company, which manages about $42.53B US Long portfolio, upped its stake in Carnival Corp (NYSE:CCL) by 102,957 shares to 818,586 shares, valued at $46.98 million in 2018Q2, according to the filing. It also increased its holding in Continental Resources Inc (NYSE:CLR) by 74,451 shares in the quarter, for a total of 126,789 shares, and has risen its stake in Encana Corp (NYSE:ECA).

Analysts await Manulife Financial Corporation (NYSE:MFC) to report earnings on November, 14. They expect $0.51 earnings per share, up 18.60 % or $0.08 from last year’s $0.43 per share. MFC’s profit will be $1.00 billion for 8.76 P/E if the $0.51 EPS becomes a reality. After $0.54 actual earnings per share reported by Manulife Financial Corporation for the previous quarter, Wall Street now forecasts -5.56 % negative EPS growth.

More notable recent Manulife Financial Corporation (NYSE:MFC) news were published by: Globenewswire.com which released: “Report: Developing Opportunities within AstraZeneca, Manulife Financial, Infosys, Novartis AG, Black Hills, and Shell …” on September 28, 2018, also Fool.ca with their article: “Stocks for Beginners: Why Asset Allocation Is So Important and What You Ought to Be Doing About it” published on September 30, 2018, Seekingalpha.com published: “Manulife Financial Corp. – Strong Operating Performance And Attractive Pricing” on September 15, 2018. More interesting news about Manulife Financial Corporation (NYSE:MFC) were released by: Seekingalpha.com and their article: “Podcast 19: The Big Tradeoff” published on September 29, 2018 as well as Fool.ca‘s news article titled: “A 3-Stock Portfolio for New and Nervous Investors” with publication date: September 29, 2018.

Manulife Financial Corporation (NYSE:MFC) Ratings Coverage

Among 2 analysts covering Manulife Financial Corporation Common Stock (NYSE:MFC), 0 have Buy rating, 0 Sell and 2 Hold. Therefore 0 are positive. Manulife Financial Corporation Common Stock had 3 analyst reports since April 5, 2018 according to SRatingsIntel. The stock of Manulife Financial Corporation (NYSE:MFC) has “Equal-Weight” rating given on Wednesday, July 11 by Morgan Stanley. The rating was maintained by Morgan Stanley with “Equal-Weight” on Thursday, April 5.

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