Hillsdale Investment Management Inc. Trims Holdings in Manulife Financial Corp (MFC)
Hillsdale Investment Management Inc. reduced its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 458,800 shares of the financial services provider’s stock after selling 45,200 shares during the period. Manulife Financial makes up 1.6% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 16th largest holding. Hillsdale Investment Management Inc.’s holdings in Manulife Financial were worth $9,313,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MFC. Ropes Wealth Advisors LLC bought a new stake in Manulife Financial in the 2nd quarter valued at $103,000. D.A. Davidson & CO. increased its holdings in Manulife Financial by 17.5% in the 2nd quarter. D.A. Davidson & CO. now owns 6,768 shares of the financial services provider’s stock valued at $126,000 after acquiring an additional 1,010 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Manulife Financial by 25.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,284 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 2,103 shares during the last quarter. YHB Investment Advisors Inc. bought a new stake in Manulife Financial in the 2nd quarter valued at $202,000. Finally, Davis Rea Ltd. bought a new stake in Manulife Financial in the 2nd quarter valued at $207,000. Institutional investors own 46.55% of the company’s stock.
MFC has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Manulife Financial from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Morgan Stanley lifted their price target on shares of Manulife Financial from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Thursday, October 5th. Finally, ValuEngine downgraded shares of Manulife Financial from a “strong-buy” rating to a “buy” rating in a report on Monday, September 18th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $25.00.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Tuesday, November 21st will be paid a $0.1606 dividend. The ex-dividend date is Monday, November 20th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.05%. Manulife Financial’s payout ratio is currently 45.71%.
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Manulife Financial Profile
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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