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

Cardinal Capital Management Inc. lessened its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 12.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,099,098 shares of the financial services provider’s stock after selling 580,082 shares during the quarter. Manulife Financial comprises 4.0% of Cardinal Capital Management Inc.’s portfolio, making the stock its 3rd biggest holding. Cardinal Capital Management Inc.’s holdings in Manulife Financial were worth $175,114,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Financial & Tax Architects LLC boosted its position in shares of Manulife Financial by 14.7% during the 3rd quarter. Financial & Tax Architects LLC now owns 16,366 shares of the financial services provider’s stock valued at $697,000 after acquiring an additional 2,103 shares during the last quarter. Triasima Portfolio Management inc. increased its position in Manulife Financial by 101.8% in the third quarter. Triasima Portfolio Management inc. now owns 373,076 shares of the financial services provider’s stock worth $15,935,000 after purchasing an additional 188,218 shares during the last quarter. Mather Group LLC. increased its position in Manulife Financial by 18.9% in the third quarter. Mather Group LLC. now owns 1,627 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 259 shares during the last quarter. Triumph Capital Management increased its position in Manulife Financial by 41.0% in the third quarter. Triumph Capital Management now owns 2,471 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 718 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in Manulife Financial by 40.6% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,096 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 2,050 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 1.0%

MFC stock opened at $44.28 on Friday. Manulife Financial Corp has a twelve month low of $31.55 and a twelve month high of $45.33. The stock has a market capitalization of $73.48 billion, a price-to-earnings ratio of 13.71 and a beta of 0.84. The firm’s fifty day simple moving average is $43.41 and its two-hundred day simple moving average is $41.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (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 during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the business earned $0.95 EPS. The business’s revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts expect that Manulife Financial Corp will post 2.97 EPS for the current year.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, August 21st were given 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 of this dividend was Friday, August 21st. Manulife Financial’s dividend payout ratio is 51.49%.

Wall Street Analysts Forecast Growth

MFC has been the subject of several research reports. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Royal Bank Of Canada lifted their price objective on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Weiss Ratings upgraded shares of Manulife Financial from a “buy (a)” rating to a “buy (a+)” rating in a research report on Thursday, October 8th. Finally, TD Securities restated a “buy” rating on shares of Manulife Financial in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Manulife Financial has a consensus rating of “Buy” and an average price target of $58.75.

Manulife Financial Company 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.