Cardinal Capital Management Inc. lessened its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,835,800 shares of the financial services provider's stock after selling 88,052 shares during the quarter. Manulife Financial comprises 5.1% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its biggest holding. Cardinal Capital Management Inc. owned about 0.28% of Manulife Financial worth $150,745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. OLD National Bancorp IN lifted its position in Manulife Financial by 8.8% in the 1st quarter. OLD National Bancorp IN now owns 9,828 shares of the financial services provider's stock valued at $306,000 after acquiring an additional 799 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new position in Manulife Financial in the 1st quarter valued at about $200,000. Sivia Capital Partners LLC bought a new position in Manulife Financial in the 1st quarter valued at about $216,000. Affinity Wealth Management LLC bought a new position in Manulife Financial in the 1st quarter valued at about $3,934,000. Finally, MRA Advisory Group bought a new position in Manulife Financial in the 1st quarter valued at about $213,000. Institutional investors own 52.56% of the company's stock.
Manulife Financial Stock Performance
NYSE:MFC traded down $0.99 on Friday, hitting $31.15. The stock had a trading volume of 2,765,828 shares, compared to its average volume of 2,135,590. The stock has a market cap of $53.35 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. Manulife Financial Co. has a 1 year low of $23.30 and a 1 year high of $33.07. The firm's fifty day simple moving average is $30.64 and its two-hundred day simple moving average is $30.54.
Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. During the same period last year, the business posted $0.94 EPS. Equities research analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.
Manulife Financial Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be issued a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is 66.49%.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on MFC shares. Royal Bank of Canada raised their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a research report on Monday, May 19th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $45.67.
View Our Latest Report on Manulife Financial
Manulife Financial Profile
(
Free Report)
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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