Hillsdale Investment Management Inc. Cuts Stake in Manulife Financial Corp $MFC

Hillsdale Investment Management Inc. lowered its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 37.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,085,013 shares of the financial services provider’s stock after selling 637,435 shares during the quarter. Manulife Financial makes up approximately 1.3% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 15th largest holding. Hillsdale Investment Management Inc.’s holdings in Manulife Financial were worth $34,717,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MFC. Eastern Bank raised its position in Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 590 shares during the period. Winnow Wealth LLC bought a new position in shares of Manulife Financial during the 2nd quarter valued at approximately $38,000. William B. Walkup & Associates Inc. purchased a new stake in shares of Manulife Financial during the 1st quarter worth approximately $43,000. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Manulife Financial in the 2nd quarter worth approximately $55,000. Finally, Carderock Capital Management Inc. purchased a new position in Manulife Financial in the second quarter valued at approximately $58,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. UBS Group began coverage on Manulife Financial in a research report on Thursday, October 16th. They issued a “buy” rating for the company. Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday. Royal Bank Of Canada lifted their price objective on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Finally, Morgan Stanley set a $47.00 target price on shares of Manulife Financial in a research report on Tuesday, October 7th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, Manulife Financial presently has an average rating of “Buy” and a consensus target price of $49.50.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $33.89 on Friday. The firm has a fifty day moving average price of $32.33 and a two-hundred day moving average price of $31.52. Manulife Financial Corp has a one year low of $25.92 and a one year high of $35.57. The company has a market cap of $57.10 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 1.13 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $12.90 billion for the quarter. During the same period in the previous year, the company posted $1.00 EPS. Equities research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.44 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, November 26th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.2%. Manulife Financial’s dividend payout ratio is 55.56%.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.