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

Key Points

• Cardinal Capital Management cut its Manulife Financial stake by 12.4%, selling 580,082 shares and retaining 4.1 million shares worth approximately $175.1 million. Manulife remains the firm’s third-largest portfolio holding.
• Institutional ownership remains substantial at 52.56%, with several major investors—including Bank of Nova Scotia, Canada Pension Plan Investment Board and Legal & General—establishing or expanding positions.
• Analysts maintain a generally positive outlook, giving Manulife an average “Buy” rating and a $58.75 target price. The company also reported quarterly EPS slightly above estimates and paid a dividend yielding about 4.4%.

Cardinal Capital Management Inc. decreased its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 12.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,099,098 shares of the financial services provider's stock after selling 580,082 shares during the period. Manulife Financial accounts for about 4.0% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 3rd largest position. Cardinal Capital Management Inc. owned about 0.25% of Manulife Financial worth $175,114,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Bank of Nova Scotia bought a new position in shares of Manulife Financial in the second quarter worth approximately $594,832,000. Canada Pension Plan Investment Board bought a new stake in shares of Manulife Financial during the 2nd quarter valued at $495,841,000. Legal & General Group Plc bought a new stake in shares of Manulife Financial during the 2nd quarter valued at $430,039,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock valued at $402,969,000 after buying an additional 7,577,711 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Manulife Financial during the 2nd quarter valued at $230,451,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MFC. BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Zacks Research raised Manulife Financial from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 2nd. TD Securities restated a "buy" rating on shares of Manulife Financial in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Manulife Financial from a "buy (a)" rating to a "buy (a+)" rating in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Manulife Financial has an average rating of "Buy" and an average target price of $58.75.

Manulife Financial Price Performance

Shares of MFC opened at $44.28 on Friday. The firm has a market cap of $73.48 billion, a P/E ratio of 13.71 and a beta of 0.84. Manulife Financial Corp has a 1 year low of $31.55 and a 1 year high of $45.33. The company has a 50 day simple moving average of $43.41 and a two-hundred day simple moving average of $41.09.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $7.28 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The company's quarterly revenue was up 7.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Manulife Financial Corp will post 2.97 earnings per share for the current year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, August 21st were issued a C$0.48 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Friday, August 21st. Manulife Financial's payout ratio is currently 51.49%.

Manulife Financial Profile

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.

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