Gluskin Sheff & Assoc Inc. reduced its stake in Manulife (NYSE:MFC) (TSE:MFC) by 1.9% during the first quarter, HoldingsChannel reports. The firm owned 5,166,595 shares of the financial services provider’s stock after selling 99,022 shares during the period. Manulife comprises about 5.2% of Gluskin Sheff & Assoc Inc.’s portfolio, making the stock its 3rd biggest holding. Gluskin Sheff & Assoc Inc.’s holdings in Manulife were worth $95,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in Manulife by 121.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,796,263 shares of the financial services provider’s stock valued at $58,330,000 after purchasing an additional 1,531,905 shares in the last quarter. Two Sigma Securities LLC purchased a new position in shares of Manulife during the fourth quarter worth approximately $232,000. BancorpSouth Bank purchased a new position in shares of Manulife during the fourth quarter worth approximately $2,302,000. Two Sigma Advisers LP raised its stake in shares of Manulife by 48.5% during the fourth quarter. Two Sigma Advisers LP now owns 1,495,107 shares of the financial services provider’s stock worth $31,261,000 after acquiring an additional 488,036 shares in the last quarter. Finally, HPM Partners LLC purchased a new position in shares of Manulife during the fourth quarter worth approximately $267,000. 46.48% of the stock is currently owned by institutional investors and hedge funds.

Manulife opened at $19.05 on Thursday, Marketbeat.com reports. The company has a market cap of $37.60 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 0.93 and a beta of 1.32. Manulife has a one year low of $17.07 and a one year high of $22.16.

Manulife (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 2nd. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. Manulife had a net margin of 3.93% and a return on equity of 12.00%. The firm had revenue of $6.92 billion for the quarter. sell-side analysts predict that Manulife will post 2.04 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 19th. Investors of record on Tuesday, May 15th will be paid a $0.171 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.59%. This is an increase from Manulife’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, May 14th. Manulife’s payout ratio is presently 40.35%.

MFC has been the topic of several research reports. Zacks Investment Research raised shares of Manulife from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Wednesday, February 21st. Morgan Stanley decreased their price target on shares of Manulife from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. ValuEngine raised shares of Manulife from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. TD Securities raised shares of Manulife from a “hold” rating to a “buy” rating in a research note on Thursday, April 12th. Finally, CIBC raised shares of Manulife from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, May 3rd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $26.67.

About Manulife

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.

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Institutional Ownership by Quarter for Manulife (NYSE:MFC)

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