Cerity Partners LLC Invests $251,000 in Manulife Financial Co. (NYSE:MFC)

Cerity Partners LLC acquired a new position in Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,495 shares of the financial services provider’s stock, valued at approximately $251,000.

Several other institutional investors have also recently made changes to their positions in MFC. Metis Global Partners LLC raised its stake in Manulife Financial by 0.8% during the 2nd quarter. Metis Global Partners LLC now owns 71,609 shares of the financial services provider’s stock worth $1,242,000 after acquiring an additional 588 shares during the period. Brinker Capital Investments LLC raised its stake in Manulife Financial by 5.3% during the 1st quarter. Brinker Capital Investments LLC now owns 12,449 shares of the financial services provider’s stock worth $266,000 after acquiring an additional 624 shares during the period. Janney Montgomery Scott LLC raised its stake in Manulife Financial by 1.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 57,371 shares of the financial services provider’s stock worth $1,002,000 after acquiring an additional 765 shares during the period. First Horizon Advisors Inc. raised its stake in Manulife Financial by 66.7% during the 1st quarter. First Horizon Advisors Inc. now owns 2,076 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 831 shares during the period. Finally, Veriti Management LLC raised its stake in Manulife Financial by 3.6% during the 2nd quarter. Veriti Management LLC now owns 25,344 shares of the financial services provider’s stock worth $439,000 after acquiring an additional 875 shares during the period. Institutional investors own 44.50% of the company’s stock.

Manulife Financial Stock Performance

MFC stock opened at $17.29 on Tuesday. The firm has a fifty day moving average price of $16.51 and a 200 day moving average price of $17.34. Manulife Financial Co. has a fifty-two week low of $14.92 and a fifty-two week high of $22.19. The firm has a market cap of $32.65 billion, a PE ratio of 5.88, a price-to-earnings-growth ratio of 0.78 and a beta of 1.14.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Investors of record on Tuesday, November 22nd will be issued a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 5.60%. The ex-dividend date is Monday, November 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 35.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MFC shares. National Bank Financial decreased their target price on shares of Manulife Financial from C$25.00 to C$24.00 in a research note on Friday, October 28th. Barclays cut their price objective on shares of Manulife Financial from C$30.00 to C$29.00 in a report on Wednesday, October 12th. Desjardins increased their price objective on shares of Manulife Financial from C$24.00 to C$25.00 in a report on Monday, August 15th. StockNews.com initiated coverage on shares of Manulife Financial in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Scotiabank raised shares of Manulife Financial from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.86.

About Manulife Financial

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Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; And Corporate and Other segments. The Wealth and Asset Management Businesses segment provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

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

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