Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Manulife Financial Co. (NYSE:MFC)

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 10.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,143,675 shares of the financial services provider’s stock after selling 1,365,294 shares during the period. Manulife Financial comprises 1.6% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 14th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.63% of Manulife Financial worth $329,298,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MFC. Grove Bank & Trust acquired a new stake in shares of Manulife Financial during the second quarter worth about $25,000. West Financial Advisors LLC purchased a new stake in Manulife Financial during the 3rd quarter worth approximately $26,000. Addison Advisors LLC lifted its holdings in Manulife Financial by 77.2% during the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after buying an additional 467 shares in the last quarter. HHM Wealth Advisors LLC boosted its position in Manulife Financial by 119.0% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after buying an additional 600 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Manulife Financial in the third quarter worth $30,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 0.7 %

Shares of MFC stock opened at $32.57 on Wednesday. The company has a market cap of $57.06 billion, a P/E ratio of 15.73, a PEG ratio of 1.19 and a beta of 1.08. The firm has a fifty day moving average price of $30.11 and a 200 day moving average price of $27.55. Manulife Financial Co. has a 12 month low of $18.91 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The business had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same period in the prior year, the firm posted $0.69 EPS. On average, equities analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 annualized dividend and a yield of 3.64%. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s dividend payout ratio is currently 56.04%.

Analysts Set New Price Targets

Several analysts have recently issued reports on MFC shares. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays began coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Profile

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.