Cumberland Partners Ltd Has $2.58 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Cumberland Partners Ltd increased its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 206,998 shares of the financial services provider’s stock after purchasing an additional 9,900 shares during the quarter. Cumberland Partners Ltd’s holdings in Manulife Financial were worth $2,576,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MFC. FMR LLC increased its position in Manulife Financial by 26.7% in the first quarter. FMR LLC now owns 7,705 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,624 shares during the period. Janney Montgomery Scott LLC increased its position in Manulife Financial by 26.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 33,325 shares of the financial services provider’s stock worth $676,000 after purchasing an additional 6,877 shares during the period. Creative Planning increased its position in Manulife Financial by 12.6% in the fourth quarter. Creative Planning now owns 60,975 shares of the financial services provider’s stock worth $1,237,000 after purchasing an additional 6,811 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Manulife Financial by 8.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 8,183,702 shares of the financial services provider’s stock worth $166,222,000 after purchasing an additional 612,044 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Manulife Financial by 3.9% in the fourth quarter. Quadrant Capital Group LLC now owns 25,706 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 965 shares during the period. Hedge funds and other institutional investors own 48.43% of the company’s stock.

A number of analysts recently commented on the company. Credit Suisse Group upgraded Manulife Financial from a “neutral” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Friday, May 15th. Barclays lifted their price objective on Manulife Financial from $15.00 to $19.00 and gave the company an “equal weight” rating in a report on Thursday, April 9th. Scotiabank cut their price objective on Manulife Financial from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Zacks Investment Research cut Manulife Financial from a “hold” rating to a “sell” rating and set a $12.00 price objective on the stock. in a report on Friday, May 15th. Finally, ValuEngine cut Manulife Financial from a “sell” rating to a “strong sell” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $20.67.

NYSE MFC traded up $0.54 during trading on Wednesday, hitting $13.65. The stock had a trading volume of 6,923,905 shares, compared to its average volume of 3,418,125. The company has a market capitalization of $25.43 billion, a PE ratio of 7.76, a P/E/G ratio of 0.73 and a beta of 1.26. The company’s 50-day moving average price is $11.93 and its two-hundred day moving average price is $16.38. Manulife Financial Co. has a 12 month low of $8.62 and a 12 month high of $21.23.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.11. The firm had revenue of $15.04 billion for the quarter. Manulife Financial had a return on equity of 11.48% and a net margin of 6.20%. During the same quarter in the previous year, the firm posted $0.76 EPS. Sell-side analysts expect that Manulife Financial Co. will post 1.74 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Tuesday, May 19th will be paid a $0.201 dividend. This represents a $0.80 annualized dividend and a yield of 5.89%. The ex-dividend date of this dividend is Monday, May 18th. Manulife Financial’s payout ratio is 35.71%.

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.

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

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