Connor Clark & Lunn Investment Management Ltd. Has $290.35 Million Stock Position in Manulife Financial Corp $MFC

by · The Markets Daily

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC) by 22.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 9,321,115 shares of the financial services provider’s stock after selling 2,693,893 shares during the period. Manulife Financial comprises 0.9% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 24th largest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Manulife Financial were worth $290,346,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Manulife Financial by 0.5% in the third quarter. Vanguard Group Inc. now owns 76,711,490 shares of the financial services provider’s stock worth $2,390,023,000 after purchasing an additional 374,615 shares during the last quarter. TD Asset Management Inc raised its position in Manulife Financial by 5.8% during the 3rd quarter. TD Asset Management Inc now owns 37,638,463 shares of the financial services provider’s stock worth $1,172,922,000 after purchasing an additional 2,079,330 shares during the last quarter. Canerector Inc. raised its position in Manulife Financial by 4,445.8% during the 3rd quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider’s stock worth $877,932,000 after purchasing an additional 27,564,000 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Manulife Financial by 25.6% during the 3rd quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider’s stock worth $866,649,000 after buying an additional 5,671,639 shares during the period. Finally, 1832 Asset Management L.P. lifted its holdings in Manulife Financial by 3.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 25,155,652 shares of the financial services provider’s stock worth $803,975,000 after buying an additional 730,187 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MFC shares. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, February 13th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Royal Bank Of Canada restated an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Finally, Canadian Imperial Bank of Commerce upgraded shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $51.50.

Get Our Latest Stock Analysis on MFC

Manulife Financial Trading Down 0.0%

MFC stock opened at $33.76 on Thursday. The firm has a market cap of $56.60 billion, a PE ratio of 15.21 and a beta of 0.83. The stock has a 50-day moving average price of $36.58 and a 200-day moving average price of $34.33. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $38.72.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The company had revenue of $11.32 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the prior year, the company earned $1.03 EPS. On average, analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date is Wednesday, February 25th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s dividend payout ratio (DPR) is currently 63.96%.

Manulife Financial Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding MFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC).