Manulife Financial Corp $MFC Position Lessened by Heathbridge Capital Management Ltd.

Heathbridge Capital Management Ltd. cut its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 15.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 388,500 shares of the financial services provider’s stock after selling 68,300 shares during the period. Manulife Financial accounts for 5.5% of Heathbridge Capital Management Ltd.’s holdings, making the stock its 6th biggest position. Heathbridge Capital Management Ltd.’s holdings in Manulife Financial were worth $16,551,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. increased its holdings in Manulife Financial by 0.5% in the second quarter. TD Waterhouse Canada Inc. now owns 16,757,547 shares of the financial services provider’s stock valued at $683,609,000 after buying an additional 81,973 shares in the last quarter. Bank of Nova Scotia acquired a new position in shares of Manulife Financial in the second quarter worth about $594,832,000. Canada Pension Plan Investment Board acquired a new position in shares of Manulife Financial in the second quarter worth about $495,841,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock worth $402,969,000 after acquiring an additional 7,577,711 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Manulife Financial during the 2nd quarter valued at about $430,039,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

NYSE:MFC opened at $44.82 on Wednesday. The company has a fifty day moving average of $43.68 and a two-hundred day moving average of $40.04. The stock has a market capitalization of $74.15 billion, a PE ratio of 16.73 and a beta of 0.86. Manulife Financial Corp has a fifty-two week low of $32.55 and a fifty-two week high of $45.68.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the business earned $0.95 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. Research analysts forecast that Manulife Financial Corp will post 2.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MFC shares. Scotiabank lowered Manulife Financial from a “sector outperform” rating to a “sector perform” rating in a research note on Tuesday, October 27th. Royal Bank Of Canada upped their price target on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Weiss Ratings upgraded Manulife Financial from a “buy (a)” rating to a “buy (a+)” rating in a research report on Thursday, October 8th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial has an average rating of “Buy” and a consensus target price of $58.75.

Manulife Financial Profile

Manulife Financial Corporation is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into a diversified provider of insurance, wealth and asset management, and retirement solutions. Its common shares trade on the New York Stock Exchange under the symbol MFC.

Manulife offers life, health, and property and casualty insurance, along with retirement products, investment solutions, financial advice, and institutional asset management services.