National Asset Management Inc. cut its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 24.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,854 shares of the financial services provider’s stock after selling 8,832 shares during the period. National Asset Management Inc.’s holdings in Manulife Financial Corp were worth $495,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in Manulife Financial Corp by 2,937.8% in the first quarter. AQR Capital Management LLC now owns 3,503,965 shares of the financial services provider’s stock valued at $61,979,000 after buying an additional 3,388,619 shares in the last quarter. Highbridge Capital Management LLC purchased a new position in Manulife Financial Corp during the first quarter valued at approximately $761,000. Oppenheimer Asset Management Inc. purchased a new position in Manulife Financial Corp during the first quarter valued at approximately $2,938,000. United Capital Financial Advisers LLC raised its position in Manulife Financial Corp by 11.7% in the first quarter. United Capital Financial Advisers LLC now owns 23,898 shares of the financial services provider’s stock valued at $424,000 after buying an additional 2,500 shares in the last quarter. Finally, KCG Holdings Inc. raised its position in Manulife Financial Corp by 162.2% in the first quarter. KCG Holdings Inc. now owns 113,634 shares of the financial services provider’s stock valued at $2,014,000 after buying an additional 70,299 shares in the last quarter. 47.79% of the stock is currently owned by hedge funds and other institutional investors.
Manulife Financial Corp (NYSE:MFC) traded up 1.32% during midday trading on Monday, hitting $18.49. 2,909,687 shares of the stock were exchanged. Manulife Financial Corp has a 1-year low of $12.55 and a 1-year high of $19.52. The company has a market capitalization of $36.55 billion, a P/E ratio of 15.97 and a beta of 1.27. The company’s 50 day moving average is $17.59 and its 200 day moving average is $18.01.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 19th. Investors of record on Tuesday, May 16th will be paid a $0.1501 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Friday, May 12th. Manulife Financial Corp’s payout ratio is 50.85%.
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Several research firms have commented on MFC. BidaskClub raised shares of Manulife Financial Corp from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. ValuEngine lowered shares of Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, National Bank Financial reissued a “sector perform overweight” rating on shares of Manulife Financial Corp in a report on Wednesday, May 3rd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $21.80.
About Manulife Financial Corp
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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