Manulife Financial Corp $MFC Shares Sold by Galibier Capital Management Ltd.

Galibier Capital Management Ltd. lessened its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 10.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 635,318 shares of the financial services provider’s stock after selling 74,751 shares during the period. Manulife Financial comprises 6.6% of Galibier Capital Management Ltd.’s portfolio, making the stock its 5th biggest holding. Galibier Capital Management Ltd.’s holdings in Manulife Financial were worth $19,798,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MFC. Caldwell Trust Co bought a new stake in shares of Manulife Financial in the 2nd quarter worth approximately $27,000. Eastern Bank increased its position in shares of Manulife Financial by 156.1% during the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 590 shares during the period. Winnow Wealth LLC acquired a new position in shares of Manulife Financial in the second quarter valued at $38,000. Goodman Advisory Group LLC bought a new position in Manulife Financial in the second quarter worth $39,000. Finally, Mather Group LLC. acquired a new stake in Manulife Financial during the third quarter worth $43,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Trading Down 0.1%

Shares of NYSE MFC opened at $36.25 on Friday. The firm has a market cap of $60.94 billion, a P/E ratio of 16.11 and a beta of 0.83. The business’s 50 day moving average is $34.82 and its 200-day moving average is $32.40. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $36.93.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $12.90 billion during the quarter. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.During the same period in the prior year, the business posted $1.00 EPS. Analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th were issued a $0.44 dividend. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.76 dividend on an annualized basis and a yield of 4.9%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s payout ratio is presently 55.56%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings reissued a “buy (b+)” rating on shares of Manulife Financial in a research report on Monday. Morgan Stanley set a $51.00 price target on Manulife Financial in a research report on Monday, December 15th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Royal Bank Of Canada lifted their target price on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, November 14th. Finally, UBS Group began coverage on Manulife Financial in a research note on Thursday, October 16th. They issued a “buy” rating on the stock. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $51.50.

About Manulife Financial

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.