Cidel Asset Management Inc. Sells 75,326 Shares of Manulife Financial Corp $MFC

Cidel Asset Management Inc. reduced its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 15.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 410,817 shares of the financial services provider’s stock after selling 75,326 shares during the quarter. Manulife Financial accounts for approximately 1.1% of Cidel Asset Management Inc.’s portfolio, making the stock its 29th largest holding. Cidel Asset Management Inc.’s holdings in Manulife Financial were worth $14,937,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in MFC. Root Financial Partners LLC purchased a new position in Manulife Financial in the third quarter valued at about $25,000. Caldwell Trust Co bought a new position in shares of Manulife Financial during the 2nd quarter valued at approximately $27,000. Wolff Wiese Magana LLC increased its stake in shares of Manulife Financial by 269.2% during the 4th quarter. Wolff Wiese Magana LLC now owns 960 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 700 shares during the last quarter. American Wealth Advisors LLC purchased a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $36,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Manulife Financial in the 2nd quarter worth approximately $39,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Manulife Financial stock opened at $34.91 on Monday. Manulife Financial Corp has a one year low of $25.92 and a one year high of $38.72. The business has a fifty day moving average price of $35.63 and a 200-day moving average price of $34.75. The firm has a market capitalization of $58.52 billion, a P/E ratio of 15.73 and a beta of 0.82.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The company had revenue of $11.32 billion for the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same period in the previous year, the company posted $1.03 EPS. Sell-side analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Wednesday, February 25th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s payout ratio is presently 63.96%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 8th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Thursday, February 5th. Morgan Stanley set a $51.00 price target on Manulife Financial in a research note on Monday, December 15th. Finally, Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target 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.