Manulife Financial Co. (NYSE:MFC) Shares Purchased by Cumberland Partners Ltd

Cumberland Partners Ltd raised its stake in shares of Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) by 208.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,607 shares of the financial services provider’s stock after buying an additional 17,990 shares during the period. Cumberland Partners Ltd’s holdings in Manulife Financial were worth $508,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in Manulife Financial by 9.1% during the 4th quarter. Russell Investments Group Ltd. now owns 2,254,585 shares of the financial services provider’s stock valued at $43,032,000 after buying an additional 187,234 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Manulife Financial by 0.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 12,213,095 shares of the financial services provider’s stock valued at $232,904,000 after purchasing an additional 49,144 shares in the last quarter. Brinker Capital Investments LLC boosted its position in shares of Manulife Financial by 12.3% during the 4th quarter. Brinker Capital Investments LLC now owns 11,825 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,299 shares in the last quarter. Lincluden Management Ltd. bought a new position in shares of Manulife Financial during the 4th quarter valued at about $33,952,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Manulife Financial by 477.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 232,712 shares of the financial services provider’s stock valued at $4,438,000 after purchasing an additional 192,384 shares in the last quarter. 47.04% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have recently weighed in on MFC shares. Canaccord Genuity Group lowered shares of Manulife Financial from a “buy” rating to a “hold” rating in a research report on Friday. TD Securities decreased their target price on shares of Manulife Financial from C$37.00 to C$34.00 in a report on Thursday, May 12th. Canaccord Genuity Group cut shares of Manulife Financial from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank of Canada decreased their target price on shares of Manulife Financial from C$29.00 to C$26.00 in a report on Friday. Finally, BMO Capital Markets cut shares of Manulife Financial from an “outperform” rating to a “market perform” rating in a report on Thursday, May 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $29.50.

Shares of MFC stock traded up $0.42 during trading on Tuesday, hitting $17.94. 265,132 shares of the company were exchanged, compared to its average volume of 4,673,489. The firm has a market capitalization of $34.60 billion, a price-to-earnings ratio of 4.81, a P/E/G ratio of 0.67 and a beta of 1.22. The business’s 50-day simple moving average is $20.28 and its 200 day simple moving average is $19.98. Manulife Financial Co. has a twelve month low of $16.63 and a twelve month high of $22.19.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 20th. Investors of record on Wednesday, May 25th will be given a dividend of $0.257 per share. This represents a $1.03 annualized dividend and a yield of 5.73%. The ex-dividend date of this dividend is Tuesday, May 24th. Manulife Financial’s payout ratio is presently 27.96%.

About Manulife Financial (Get Rating)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

Further Reading

Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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