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

CIBC Asset Management Inc lessened its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,180,361 shares of the financial services provider’s stock after selling 1,999,544 shares during the quarter. Manulife Financial comprises 2.1% of CIBC Asset Management Inc’s portfolio, making the stock its 11th largest position. CIBC Asset Management Inc’s holdings in Manulife Financial were worth $657,762,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MFC. Toronto Dominion Bank boosted its stake in shares of Manulife Financial by 57.9% during the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock worth $582,444,000 after acquiring an additional 8,548,114 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Manulife Financial by 103.1% in the first quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock worth $367,025,000 after purchasing an additional 7,456,712 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Manulife Financial by 14.8% during the 1st quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock valued at $749,435,000 after acquiring an additional 3,720,693 shares during the last quarter. M&G Plc bought a new stake in shares of Manulife Financial in the 1st quarter worth about $75,231,000. Finally, Acadian Asset Management LLC raised its position in Manulife Financial by 288.4% during the second quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider’s stock valued at $104,966,000 after purchasing an additional 2,928,316 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Manulife Financial stock opened at $32.87 on Friday. Manulife Financial Co. has a 1 year low of $18.80 and a 1 year high of $33.07. The company’s 50 day simple moving average is $29.69 and its 200-day simple moving average is $27.27. The company has a market capitalization 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.

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

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.296 per share. This represents a $1.18 dividend on an annualized basis and a yield of 3.60%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is presently 56.04%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Company 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.