CIBC Asset Management Inc Grows Stock Holdings in Manulife Financial Corp $MFC

CIBC Asset Management Inc lifted its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 14.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 16,885,459 shares of the financial services provider’s stock after purchasing an additional 2,145,099 shares during the period. Manulife Financial comprises about 1.5% of CIBC Asset Management Inc’s holdings, making the stock its 17th largest position. CIBC Asset Management Inc’s holdings in Manulife Financial were worth $616,479,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MFC. Brighton Jones LLC lifted its position in Manulife Financial by 33.9% in the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock valued at $288,000 after acquiring an additional 2,376 shares during the last quarter. AQR Capital Management LLC raised its holdings in Manulife Financial by 179.7% during the first quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider’s stock worth $872,000 after purchasing an additional 18,222 shares in the last quarter. Empowered Funds LLC raised its holdings in Manulife Financial by 18.7% during the first quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider’s stock worth $1,757,000 after purchasing an additional 8,900 shares in the last quarter. Sivia Capital Partners LLC raised its position in Manulife Financial by 13.1% in the second quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider’s stock worth $251,000 after acquiring an additional 909 shares in the last quarter. Finally, MUFG Securities EMEA plc raised its position in Manulife Financial by 814.3% in the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after acquiring an additional 5,699,999 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 2.0%

Manulife Financial stock opened at $38.44 on Wednesday. The stock has a market cap of $64.14 billion, a P/E ratio of 15.25 and a beta of 0.84. The stock has a 50 day moving average of $37.46 and a 200-day moving average of $36.47. Manulife Financial Corp has a 52 week low of $29.70 and a 52 week high of $40.40.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The business had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same quarter last year, the company posted $0.99 earnings per share. As a group, equities analysts predict that Manulife Financial Corp will post 3.2 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Friday, May 29th. Manulife Financial’s dividend payout ratio is 56.75%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday, May 14th. Weiss Ratings upgraded Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, April 29th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $51.50.

Manulife Financial Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.