CIBC Asset Management Inc Acquires 427,684 Shares of Manulife Financial Corp (MFC)
CIBC Asset Management Inc lifted its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 1.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 22,492,974 shares of the financial services provider’s stock after purchasing an additional 427,684 shares during the period. Manulife Financial Corp comprises approximately 2.8% of CIBC Asset Management Inc’s portfolio, making the stock its 10th biggest holding. CIBC Asset Management Inc owned about 1.14% of Manulife Financial Corp worth $455,052,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of MFC. JPMorgan Chase & Co. grew its holdings in shares of Manulife Financial Corp by 651.9% in the second quarter. JPMorgan Chase & Co. now owns 5,888,701 shares of the financial services provider’s stock worth $110,471,000 after purchasing an additional 5,105,478 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Manulife Financial Corp in the second quarter worth approximately $64,849,000. Vanguard Group Inc. grew its holdings in shares of Manulife Financial Corp by 4.5% in the second quarter. Vanguard Group Inc. now owns 44,039,248 shares of the financial services provider’s stock worth $826,177,000 after purchasing an additional 1,882,515 shares during the last quarter. Cidel Asset Management Inc. grew its holdings in shares of Manulife Financial Corp by 19.4% in the second quarter. Cidel Asset Management Inc. now owns 5,319,671 shares of the financial services provider’s stock worth $99,608,000 after purchasing an additional 862,516 shares during the last quarter. Finally, Public Sector Pension investment Board grew its holdings in shares of Manulife Financial Corp by 23.4% in the second quarter. Public Sector Pension investment Board now owns 3,915,269 shares of the financial services provider’s stock worth $73,289,000 after purchasing an additional 743,600 shares during the last quarter. Hedge funds and other institutional investors own 45.92% of the company’s stock.
Shares of Manulife Financial Corp (NYSE MFC) traded down $0.45 during mid-day trading on Monday, reaching $21.22. The company had a trading volume of 2,171,900 shares, compared to its average volume of 2,402,982. Manulife Financial Corp has a 12 month low of $15.97 and a 12 month high of $21.69. The stock has a market capitalization of $41,760.00, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.30 and a beta of 1.31.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Tuesday, November 21st will be paid a $0.1606 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Monday, November 20th. Manulife Financial Corp’s payout ratio is 45.83%.
Several brokerages have recently issued reports on MFC. Zacks Investment Research cut shares of Manulife Financial Corp from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Morgan Stanley raised their price target on Manulife Financial Corp from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 5th. Finally, ValuEngine lowered Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $25.00.
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Manulife Financial Corp Company Profile
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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