CIBC Asset Management Inc Sells 1,999,544 Shares of Manulife Financial Co. (NYSE:MFC)

CIBC Asset Management Inc reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 22,180,361 shares of the financial services provider’s stock after selling 1,999,544 shares during the quarter. Manulife Financial makes up 2.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 11th largest holding. CIBC Asset Management Inc owned approximately 1.26% of Manulife Financial worth $657,762,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also modified their holdings of MFC. OneDigital Investment Advisors LLC lifted its position in shares of Manulife Financial by 8.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 10,715 shares of the financial services provider’s stock worth $317,000 after buying an additional 815 shares during the period. Huntington National Bank increased its position in Manulife Financial by 4.0% in the third quarter. Huntington National Bank now owns 23,904 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 922 shares during the period. Plato Investment Management Ltd bought a new stake in shares of Manulife Financial during the third quarter worth approximately $373,000. D Orazio & Associates Inc. raised its position in shares of Manulife Financial by 10.6% during the 3rd quarter. D Orazio & Associates Inc. now owns 9,941 shares of the financial services provider’s stock valued at $294,000 after acquiring an additional 954 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Manulife Financial by 4.8% in the third quarter. Oppenheimer & Co. Inc. now owns 56,661 shares of the financial services provider’s stock valued at $1,674,000 after buying an additional 2,612 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MFC shares. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. 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. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $37.50.

Manulife Financial Stock Up 1.3 %

Shares of MFC stock opened at $32.87 on Friday. Manulife Financial Co. has a 52 week low of $18.80 and a 52 week high of $33.07. The company has a market cap of $57.58 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 1.18 and a beta of 1.08. The firm has a 50 day moving average of $29.69 and a 200-day moving average of $27.27.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The business had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same period in the prior year, the firm posted $0.69 EPS. Analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be issued a $0.296 dividend. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.60%. Manulife Financial’s dividend payout ratio is presently 56.04%.

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.