Cardinal Capital Management Inc. Decreases Holdings in Manulife Financial Corp $MFC

Key Points

• Cardinal Capital Management Inc. reduced its holdings in Manulife Financial Corp by 0.9% in Q2, now owning 4.8% of the company with a value of approximately $153 million.
• Several hedge funds have recently adjusted their stakes in Manulife Financial, with institutions owning over 52.56% of the company's stock.
• Manulife Financial announced a quarterly dividend of $0.3199, representing a 4.0% dividend yield, showing a positive increase from its previous dividend payout.

Cardinal Capital Management Inc. trimmed its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,792,234 shares of the financial services provider's stock after selling 43,566 shares during the quarter. Manulife Financial accounts for 4.8% of Cardinal Capital Management Inc.'s holdings, making the stock its largest holding. Cardinal Capital Management Inc. owned 0.28% of Manulife Financial worth $153,173,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. JCIC Asset Management Inc. increased its position in shares of Manulife Financial by 5.6% during the first quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after acquiring an additional 360 shares in the last quarter. Blair William & Co. IL boosted its holdings in Manulife Financial by 1.9% during the first quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock worth $619,000 after purchasing an additional 377 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Manulife Financial by 3.0% during the first quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock worth $480,000 after purchasing an additional 444 shares during the last quarter. Napatree Capital LLC boosted its stake in Manulife Financial by 4.7% in the first quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock valued at $320,000 after acquiring an additional 465 shares during the last quarter. Finally, United Services Automobile Association boosted its stake in Manulife Financial by 0.8% in the first quarter. United Services Automobile Association now owns 60,000 shares of the financial services provider's stock valued at $1,848,000 after acquiring an additional 471 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley set a $48.00 target price on shares of Manulife Financial in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $48.50.

Manulife Financial Stock Performance

MFC stock opened at $31.61 on Friday. The firm has a market cap of $53.57 billion, a P/E ratio of 14.11, a P/E/G ratio of 1.05 and a beta of 0.99. The firm's fifty day moving average is $30.78 and its 200 day moving average is $30.67. Manulife Financial Corp has a 52 week low of $25.92 and a 52 week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $11.30 billion for the quarter. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were given a $0.3199 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is 56.70%.

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.

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