CIBC Asset Management Inc Cuts Stake in Manulife Financial Co. (NYSE:MFC)

CIBC Asset Management Inc lowered its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,882,697 shares of the financial services provider's stock after selling 2,297,664 shares during the quarter. Manulife Financial makes up 2.0% of CIBC Asset Management Inc's investment portfolio, making the stock its 12th largest position. CIBC Asset Management Inc owned about 1.15% of Manulife Financial worth $612,154,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new position in Manulife Financial during the 3rd quarter valued at about $26,000. Crews Bank & Trust bought a new stake in Manulife Financial in the 4th quarter worth approximately $26,000. Capital Performance Advisors LLP bought a new stake in Manulife Financial in the 3rd quarter worth approximately $30,000. Fortitude Family Office LLC bought a new stake in Manulife Financial in the 3rd quarter worth approximately $31,000. Finally, Stonebridge Financial Group LLC bought a new stake in Manulife Financial in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Up 6.9 %

MFC stock traded up $2.05 during midday trading on Thursday, hitting $31.83. The company had a trading volume of 4,449,882 shares, compared to its average volume of 2,051,372. Manulife Financial Co. has a 52 week low of $22.61 and a 52 week high of $33.07. The stock's 50 day moving average price is $30.31 and its 200 day moving average price is $29.70. The stock has a market cap of $54.84 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.04 and a beta of 1.09.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The firm had revenue of $9.31 billion for the quarter. Analysts predict that Manulife Financial Co. will post 2.65 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 3.89%. This is a boost from Manulife Financial's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial's dividend payout ratio is presently 59.42%.

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.