CIBC Asset Management Inc Sells 2,297,664 Shares of Manulife Financial Co. (NYSE:MFC)

CIBC Asset Management Inc trimmed its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 10.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,882,697 shares of the financial services provider’s stock after selling 2,297,664 shares during the period. Manulife Financial makes up about 2.0% of CIBC Asset Management Inc’s portfolio, making the stock its 12th biggest position. CIBC Asset Management Inc’s holdings in Manulife Financial were worth $612,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Crews Bank & Trust bought a new stake in shares of Manulife Financial in the 4th quarter valued at approximately $26,000. Brooklyn Investment Group purchased a new stake in shares of Manulife Financial in the third quarter worth approximately $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Manulife Financial in the third quarter worth approximately $30,000. Fortitude Family Office LLC purchased a new stake in shares of Manulife Financial in the third quarter worth approximately $31,000. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Manulife Financial in the fourth quarter worth approximately $34,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

Shares of NYSE MFC opened at $29.67 on Monday. The business’s 50 day moving average price is $30.42 and its 200-day moving average price is $29.63. Manulife Financial Co. has a fifty-two week low of $22.61 and a fifty-two week high of $33.07. The company has a market cap of $51.13 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.04 and a beta of 1.09.

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.