Manulife Financial Corp (MFC) Shares Sold by Cullen Capital Management LLC

Cullen Capital Management LLC reduced its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 9.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 247,200 shares of the financial services provider’s stock after selling 26,820 shares during the quarter. Cullen Capital Management LLC’s holdings in Manulife Financial Corp were worth $4,637,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MFC. Andra AP fonden raised its position in shares of Manulife Financial Corp by 10.1% during the 2nd quarter. Andra AP fonden now owns 178,400 shares of the financial services provider’s stock valued at $3,347,000 after acquiring an additional 16,400 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Manulife Financial Corp by 1.3% during the 2nd quarter. Wells Fargo & Company MN now owns 13,554,829 shares of the financial services provider’s stock valued at $254,288,000 after acquiring an additional 176,947 shares in the last quarter. Flippin Bruce & Porter Inc. raised its position in shares of Manulife Financial Corp by 5.8% during the 2nd quarter. Flippin Bruce & Porter Inc. now owns 175,510 shares of the financial services provider’s stock valued at $3,293,000 after acquiring an additional 9,555 shares in the last quarter. Renaissance Group LLC raised its position in shares of Manulife Financial Corp by 3.6% during the 2nd quarter. Renaissance Group LLC now owns 858,327 shares of the financial services provider’s stock valued at $16,102,000 after acquiring an additional 29,911 shares in the last quarter. Finally, Bridgewater Associates LP acquired a new stake in shares of Manulife Financial Corp during the 2nd quarter valued at approximately $7,131,000. Institutional investors own 45.96% of the company’s stock.

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 9th. The financial services provider reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.01. The firm had revenue of $12.34 billion during the quarter, compared to analyst estimates of $16.09 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Stockholders of record on Tuesday, August 22nd were paid a $0.1621 dividend. The ex-dividend date of this dividend was Friday, August 18th. This is an increase from Manulife Financial Corp’s previous quarterly dividend of $0.15. This represents a $0.65 annualized dividend and a dividend yield of 3.14%. Manulife Financial Corp’s dividend payout ratio (DPR) is currently 47.83%.

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Several research firms recently issued reports on MFC. Zacks Investment Research raised Manulife Financial Corp from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Tuesday. Morgan Stanley upped their price target on Manulife Financial Corp from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, October 5th. ValuEngine lowered Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research report on Monday, September 18th. Finally, BidaskClub raised Manulife Financial Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $24.50.

Manulife Financial Corp Company Profile

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.

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

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