Cardinal Capital Management Inc. Lowers Stock Holdings in Manulife Financial Co. (NYSE:MFC)

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 & Exchange Commission. The firm owned 4,835,800 shares of the financial services provider's stock after selling 88,052 shares during the period. Manulife Financial accounts for about 5.1% of Cardinal Capital Management Inc.'s portfolio, making the stock its largest position. Cardinal Capital Management Inc. owned approximately 0.28% of Manulife Financial worth $150,745,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Lee Danner & Bass Inc. bought a new stake in Manulife Financial in the fourth quarter valued at $31,000. Stonebridge Financial Group LLC acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $34,000. Golden State Wealth Management LLC bought a new stake in Manulife Financial in the 4th quarter valued at about $35,000. Lazard Asset Management LLC acquired a new position in Manulife Financial during the 4th quarter worth approximately $35,000. Finally, Transce3nd LLC acquired a new position in Manulife Financial during the 4th quarter worth approximately $42,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Trading Down 0.9%

Shares of MFC traded down $0.30 on Tuesday, reaching $32.04. The company's stock had a trading volume of 1,406,670 shares, compared to its average volume of 2,130,973. Manulife Financial Co. has a twelve month low of $23.30 and a twelve month high of $33.07. The stock has a market capitalization of $54.87 billion, a PE ratio of 15.48, a PEG ratio of 1.11 and a beta of 1.01. The firm has a fifty day moving average of $30.43 and a 200-day moving average of $30.52.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The company had revenue of $1.49 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. During the same period in the prior year, the business earned $0.94 EPS. As a group, equities analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st will be given a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.99%. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial's dividend payout ratio is presently 66.49%.

Analysts Set New Price Targets

A number of brokerages have commented on MFC. Morgan Stanley set a $46.00 price objective on Manulife Financial in a research note on Monday, May 19th. Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $45.67.

About Manulife Financial

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.