Connor Clark & Lunn Investment Management Ltd. Has $329.30 Million Holdings in Manulife Financial Co. (NYSE:MFC)

Connor Clark & Lunn Investment Management Ltd. cut its position in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 10.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 11,143,675 shares of the financial services provider's stock after selling 1,365,294 shares during the period. Manulife Financial makes up about 1.6% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 14th largest holding. Connor Clark & Lunn Investment Management Ltd. owned about 0.63% of Manulife Financial worth $329,298,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MFC. SG Americas Securities LLC purchased a new stake in Manulife Financial in the first quarter valued at about $142,000. Avantax Advisory Services Inc. purchased a new stake in shares of Manulife Financial during the first quarter worth about $244,000. UniSuper Management Pty Ltd grew its position in Manulife Financial by 89.6% in the first quarter. UniSuper Management Pty Ltd now owns 25,600 shares of the financial services provider's stock valued at $640,000 after acquiring an additional 12,100 shares in the last quarter. Bessemer Group Inc. lifted 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 purchasing an additional 83,741 shares during the last quarter. Finally, Vident Advisory LLC increased its stake in Manulife Financial by 15.8% during the 1st quarter. Vident Advisory LLC now owns 145,373 shares of the financial services provider's stock valued at $3,634,000 after buying an additional 19,863 shares during the period. Institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

Shares of Manulife Financial stock traded down $0.40 during trading hours on Wednesday, hitting $32.17. The company had a trading volume of 1,574,137 shares, compared to its average volume of 2,541,479. Manulife Financial Co. has a twelve month low of $18.91 and a twelve month high of $33.07. The company's 50-day moving average is $30.11 and its two-hundred day moving average is $27.55. The company has a market cap of $56.36 billion, a P/E ratio of 15.73, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $9.73 billion. During the same quarter in the previous year, the company posted $0.69 EPS. Sell-side analysts expect that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.68%. 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 payout ratio is presently 56.04%.

Wall Street Analyst Weigh In

MFC has been the subject of several recent research reports. Dbs Bank raised Manulife Financial to a "strong-buy" rating in a report on Thursday, August 8th. Barclays assumed coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an "equal weight" rating on the stock. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $37.50.

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.