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

CIBC Asset Management Inc reduced its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 8.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,180,361 shares of the financial services provider's stock after selling 1,999,544 shares during the period. Manulife Financial comprises about 2.1% of CIBC Asset Management Inc's holdings, making the stock its 11th largest holding. CIBC Asset Management Inc owned approximately 1.26% of Manulife Financial worth $657,762,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MFC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Manulife Financial by 1,210.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider's stock valued at $30,922,000 after purchasing an additional 1,072,474 shares during the period. Bessemer Group Inc. raised its stake in Manulife Financial by 2,913.7% during the first quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider's stock worth $2,163,000 after acquiring an additional 83,741 shares in the last quarter. Legal & General Group Plc lifted its holdings in Manulife Financial by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider's stock valued at $393,592,000 after purchasing an additional 75,244 shares during the last quarter. Vanguard Group Inc. grew its position in Manulife Financial by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider's stock worth $1,806,508,000 after acquiring an additional 727,764 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Manulife Financial in the first quarter valued at $1,705,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Dbs Bank raised shares of Manulife Financial to a "strong-buy" rating in a research note on Thursday, August 8th. Barclays initiated coverage on shares of Manulife Financial in a research note 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $37.50.

Manulife Financial Trading Down 0.7 %

NYSE MFC traded down $0.24 during trading on Friday, hitting $32.63. 591,381 shares of the company's stock were exchanged, compared to its average volume of 2,526,850. The company has a market cap of $57.16 billion, a PE ratio of 15.82, a P/E/G ratio of 1.18 and a beta of 1.08. The stock's 50 day moving average price is $29.79 and its two-hundred day moving average price is $27.31. Manulife Financial Co. has a fifty-two week low of $18.80 and a fifty-two week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The company had revenue of $10.69 billion for the quarter, compared to analysts' expectations of $9.73 billion. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Analysts forecast that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.29. This represents a $1.18 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Wednesday, November 20th. Manulife Financial's payout ratio is 56.04%.

About Manulife Financial

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.