Scheer Rowlett & Associates Investment Management Ltd. cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,832,375 shares of the financial services provider’s stock after selling 28,165 shares during the period. Manulife Financial accounts for approximately 3.3% of Scheer Rowlett & Associates Investment Management Ltd.’s investment portfolio, making the stock its 11th biggest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Manulife Financial were worth $47,915,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MFC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of Manulife Financial during the 1st quarter worth about $105,239,000. FineMark National Bank & Trust increased its holdings in shares of Manulife Financial by 1.7% during the 1st quarter. FineMark National Bank & Trust now owns 251,898 shares of the financial services provider’s stock worth $4,260,000 after buying an additional 4,284 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Manulife Financial by 11.9% during the 1st quarter. JPMorgan Chase & Co. now owns 4,333,781 shares of the financial services provider’s stock worth $73,287,000 after buying an additional 459,922 shares during the last quarter. Ninepoint Partners LP increased its holdings in shares of Manulife Financial by 5,656.5% during the 1st quarter. Ninepoint Partners LP now owns 690,776 shares of the financial services provider’s stock worth $11,681,000 after buying an additional 678,776 shares during the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Manulife Financial by 31.3% during the 1st quarter. Toronto Dominion Bank now owns 12,318,494 shares of the financial services provider’s stock worth $208,355,000 after buying an additional 2,934,180 shares during the last quarter. 47.64% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on MFC. Zacks Investment Research upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Tuesday, March 26th. ValuEngine upgraded shares of Manulife Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Finally, Barclays restated a “buy” rating and set a $29.00 price target on shares of Manulife Financial in a report on Sunday, May 5th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Manulife Financial presently has a consensus rating of “Hold” and a consensus target price of $25.50.

Shares of Manulife Financial stock traded up $0.23 during trading on Tuesday, hitting $17.46. 20,616 shares of the stock were exchanged, compared to its average volume of 2,259,942. The stock has a market cap of $33.79 billion, a P/E ratio of 8.24, a price-to-earnings-growth ratio of 0.79 and a beta of 1.39. Manulife Financial Co. has a 12-month low of $13.33 and a 12-month high of $19.63.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.24. The business had revenue of $1.74 billion during the quarter. Manulife Financial had a net margin of 10.43% and a return on equity of 13.69%. Manulife Financial’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share. On average, sell-side analysts expect that Manulife Financial Co. will post 2.18 earnings per share for the current year.

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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.

Further Reading: Support Level

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

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