Jones Collombin Investment Counsel Inc reduced its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 8.6% during the second quarter, Holdings Channel reports. The fund owned 570,039 shares of the financial services provider’s stock after selling 53,540 shares during the period. Manulife Financial Corp makes up about 3.7% of Jones Collombin Investment Counsel Inc’s holdings, making the stock its 8th largest position. Jones Collombin Investment Counsel Inc’s holdings in Manulife Financial Corp were worth $10,689,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Causeway Capital Management LLC raised its stake in shares of Manulife Financial Corp by 196.6% in the first quarter. Causeway Capital Management LLC now owns 15,761,517 shares of the financial services provider’s stock worth $279,609,000 after buying an additional 10,447,098 shares during the last quarter. FMR LLC raised its stake in shares of Manulife Financial Corp by 14.8% in the first quarter. FMR LLC now owns 41,809,722 shares of the financial services provider’s stock worth $741,656,000 after buying an additional 5,378,760 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Manulife Financial Corp by 51.9% in the first quarter. Wellington Management Group LLP now owns 14,767,058 shares of the financial services provider’s stock worth $261,385,000 after buying an additional 5,046,441 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Manulife Financial Corp during the second quarter worth approximately $64,849,000. Finally, AQR Capital Management LLC raised its stake in shares of Manulife Financial Corp by 2,937.8% in the first quarter. AQR Capital Management LLC now owns 3,503,965 shares of the financial services provider’s stock worth $61,979,000 after buying an additional 3,388,619 shares during the last quarter. 48.27% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Corp (NYSE:MFC) opened at 19.17 on Friday. Manulife Financial Corp has a 1-year low of $13.10 and a 1-year high of $20.84. The firm’s 50-day moving average price is $19.62 and its 200-day moving average price is $18.37. The firm has a market cap of $37.89 billion, a P/E ratio of 15.41 and a beta of 1.30.

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. The company had revenue of $12.34 billion during the quarter, compared to the consensus estimate of $16.09 billion. During the same period in the previous year, the company earned $0.40 earnings per share. Equities research analysts anticipate that Manulife Financial Corp will post $1.73 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Tuesday, August 22nd will be paid a $0.1621 dividend. This is an increase from Manulife Financial Corp’s previous quarterly dividend of $0.15. This represents a $0.65 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Friday, August 18th. Manulife Financial Corp’s dividend payout ratio is presently 43.48%.

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MFC has been the subject of a number of research analyst reports. ValuEngine lowered Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub lowered Manulife Financial Corp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Manulife Financial Corp in a research report on Wednesday, May 3rd. Finally, Zacks Investment Research raised Manulife Financial Corp from a “sell” rating to a “hold” rating and set a $22.00 target price for the company in a research report on Monday, July 10th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Manulife Financial Corp presently has a consensus rating of “Buy” and a consensus target price of $23.33.

About Manulife Financial Corp

Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.

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

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