TD Asset Management Inc Sells 490,674 Shares of Manulife Financial Co. (NYSE:MFC)

TD Asset Management Inc decreased its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,807,608 shares of the financial services provider’s stock after selling 490,674 shares during the quarter. Manulife Financial makes up 0.7% of TD Asset Management Inc’s portfolio, making the stock its 29th largest position. TD Asset Management Inc owned 1.68% of Manulife Financial worth $582,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MFC. Norges Bank bought a new stake in Manulife Financial during the 4th quarter valued at about $406,195,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in Manulife Financial by 992.6% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,430,000 shares of the financial services provider’s stock valued at $136,330,000 after purchasing an additional 6,750,000 shares during the period. CIBC Asset Management Inc increased its position in Manulife Financial by 30.8% during the 1st quarter. CIBC Asset Management Inc now owns 18,840,305 shares of the financial services provider’s stock valued at $345,383,000 after purchasing an additional 4,436,064 shares during the period. Public Sector Pension Investment Board increased its position in Manulife Financial by 569.3% during the 1st quarter. Public Sector Pension Investment Board now owns 3,254,740 shares of the financial services provider’s stock valued at $59,643,000 after purchasing an additional 2,768,434 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in Manulife Financial during the 1st quarter valued at about $52,082,000. Institutional investors own 45.02% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on MFC. Barclays raised their target price on shares of Manulife Financial from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. StockNews.com initiated coverage on shares of Manulife Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Manulife Financial from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday.

Manulife Financial Price Performance

NYSE:MFC traded down $0.01 during trading hours on Monday, hitting $18.69. 122,162 shares of the company were exchanged, compared to its average volume of 3,201,633. The stock has a market capitalization of $33.87 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 0.77 and a beta of 1.08. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $20.40. The company’s 50 day moving average price is $18.34 and its 200-day moving average price is $18.78.

Manulife Financial Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, November 22nd will be given a dividend of $0.263 per share. This represents a $1.05 annualized dividend and a yield of 5.63%. The ex-dividend date of this dividend is Tuesday, November 21st. Manulife Financial’s dividend payout ratio is presently 52.50%.

About Manulife Financial

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 offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.