Manulife Financial Corp $MFC Stock Position Decreased by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. trimmed its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 13.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,421 shares of the financial services provider’s stock after selling 17,530 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in Manulife Financial were worth $3,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in MFC. MUFG Securities EMEA plc raised its position in Manulife Financial by 814.3% during the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock valued at $204,544,000 after acquiring an additional 5,699,999 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Manulife Financial by 134.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock worth $263,046,000 after purchasing an additional 4,840,963 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Manulife Financial by 6.6% during the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after purchasing an additional 2,289,205 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Manulife Financial by 30.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider’s stock valued at $300,860,000 after purchasing an additional 2,226,152 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its holdings in Manulife Financial by 871.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider’s stock worth $63,057,000 after purchasing an additional 1,815,642 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Up 0.6%

Shares of MFC opened at $33.37 on Friday. The stock’s 50-day moving average price is $31.78 and its 200 day moving average price is $31.31. The firm has a market capitalization of $56.38 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $33.47.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). The firm had revenue of $11.30 billion during the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same period in the prior year, the company earned $0.91 EPS. Equities research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MFC shares. UBS Group started coverage on Manulife Financial in a report on Thursday, October 16th. They set a “buy” rating on the stock. Royal Bank Of Canada lowered their price objective on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Weiss Ratings reissued a “buy (a-)” rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Finally, Morgan Stanley set a $47.00 target price on Manulife Financial in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $48.00.

Manulife Financial Profile

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.