Manulife Financial Corp $MFC Shares Sold by Cardinal Capital Management Inc.

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. lessened its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,792,234 shares of the financial services provider's stock after selling 43,566 shares during the quarter. Manulife Financial comprises approximately 4.8% of Cardinal Capital Management Inc.'s investment portfolio, 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.

Several other hedge funds and other institutional investors also recently bought and sold shares of MFC. Goldman Sachs Group Inc. increased its holdings in Manulife Financial by 134.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider's stock worth $263,046,000 after buying an additional 4,840,963 shares during the period. TD Asset Management Inc increased its holdings in Manulife Financial by 6.6% in the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock worth $1,155,639,000 after buying an additional 2,289,205 shares during the period. Canada Pension Plan Investment Board increased its holdings in Manulife Financial by 30.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider's stock worth $300,860,000 after buying an additional 2,226,152 shares during the period. Jupiter Asset Management Ltd. increased its holdings in Manulife Financial by 871.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider's stock worth $63,057,000 after buying an additional 1,815,642 shares during the period. Finally, 1832 Asset Management L.P. increased its holdings in Manulife Financial by 7.3% in the 1st quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider's stock worth $760,853,000 after buying an additional 1,660,626 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analyst Weigh In

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

Manulife Financial Stock Performance

Shares of NYSE:MFC traded down $0.65 during midday trading on Tuesday, reaching $31.09. 927,523 shares of the company's stock traded hands, compared to its average volume of 2,279,408. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07. The company has a market cap of $52.67 billion, a P/E ratio of 13.89, a PEG ratio of 1.06 and a beta of 0.99. The company has a fifty day simple moving average of $30.81 and a two-hundred day simple moving average of $30.70.

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

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were paid a $0.3199 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.1%. Manulife Financial's dividend payout ratio is 56.70%.

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.