Schafer Cullen Capital Management Inc increased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,218,267 shares of the financial services provider’s stock after purchasing an additional 123,741 shares during the quarter. Schafer Cullen Capital Management Inc owned 0.11% of Manulife Financial worth $40,727,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Pictet Asset Management Ltd. increased its position in shares of Manulife Financial by 6.0% in the third quarter. Pictet Asset Management Ltd. now owns 705,579 shares of the financial services provider’s stock worth $12,950,000 after acquiring an additional 39,800 shares in the last quarter. Voya Investment Management LLC grew its position in Manulife Financial by 51.2% during the third quarter. Voya Investment Management LLC now owns 30,555 shares of the financial services provider’s stock valued at $561,000 after purchasing an additional 10,345 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co purchased a new position in Manulife Financial during the third quarter valued at approximately $6,149,000. EdgePoint Investment Group Inc. grew its position in Manulife Financial by 3.6% in the third quarter. EdgePoint Investment Group Inc. now owns 32,915,815 shares of the financial services provider’s stock worth $603,755,000 after acquiring an additional 1,136,922 shares in the last quarter. Finally, Lincluden Management Ltd. grew its position in Manulife Financial by 1.2% in the third quarter. Lincluden Management Ltd. now owns 1,780,179 shares of the financial services provider’s stock worth $32,651,000 after acquiring an additional 20,955 shares in the last quarter. Institutional investors and hedge funds own 46.70% of the company’s stock.
Shares of Manulife Financial stock traded up $0.01 on Wednesday, reaching $19.13. The stock had a trading volume of 1,752,091 shares, compared to its average volume of 1,897,839. The stock has a market cap of $38.35 billion, a P/E ratio of 9.07, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. Manulife Financial Co. has a fifty-two week low of $13.33 and a fifty-two week high of $20.08. The business’s 50-day moving average price is $19.20 and its two-hundred day moving average price is $18.03.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Tuesday, November 19th will be issued a $0.19 dividend. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.76 annualized dividend and a dividend yield of 3.97%. Manulife Financial’s dividend payout ratio is presently 36.02%.
MFC has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Manulife Financial from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a research report on Friday, November 29th. ValuEngine upgraded shares of Manulife Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 30th. Finally, Canaccord Genuity boosted their price objective on shares of Manulife Financial from $32.00 to $33.00 in a research note on Monday, October 28th.
About Manulife Financial
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.
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