Investment Management Corp of Ontario Has $2.33 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Investment Management Corp of Ontario trimmed its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 78,895 shares of the financial services provider’s stock after selling 7,600 shares during the period. Investment Management Corp of Ontario’s holdings in Manulife Financial were worth $2,331,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MFC. Brooklyn Investment Group acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $26,000. West Financial Advisors LLC acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $26,000. Grove Bank & Trust acquired a new stake in shares of Manulife Financial during the 2nd quarter worth approximately $25,000. Capital Performance Advisors LLP acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $30,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $31,000. Institutional investors own 52.56% of the company’s stock.

Analyst Ratings Changes

MFC has been the subject of several analyst reports. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays initiated coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating for the company. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Stock Performance

Shares of MFC opened at $32.29 on Thursday. The stock has a fifty day moving average price of $30.92 and a two-hundred day moving average price of $28.04. Manulife Financial Co. has a 52-week low of $19.68 and a 52-week high of $33.07. The company has a market cap of $56.57 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.19 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the previous year, the company posted $0.69 EPS. As a group, research analysts predict that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a $0.296 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.67%. Manulife Financial’s payout ratio is presently 57.00%.

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.