PCJ Investment Counsel Ltd. Sells 17,530 Shares of Manulife Financial Corp $MFC

PCJ Investment Counsel Ltd. trimmed its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 13.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,421 shares of the financial services provider’s stock after selling 17,530 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in Manulife Financial were worth $3,661,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the stock. Blair William & Co. IL grew its holdings in shares of Manulife Financial by 1.9% in the 1st quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 377 shares during the last quarter. Sachetta LLC increased its position in Manulife Financial by 15.2% in the 2nd quarter. Sachetta LLC now owns 3,005 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 396 shares in the last quarter. Apollon Wealth Management LLC lifted its position in shares of Manulife Financial by 2.2% during the second quarter. Apollon Wealth Management LLC now owns 19,059 shares of the financial services provider’s stock worth $609,000 after purchasing an additional 402 shares in the last quarter. Pacer Advisors Inc. boosted its position in Manulife Financial by 3.0% in the 1st quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider’s stock valued at $480,000 after buying an additional 444 shares during the last quarter. Finally, Caliber Wealth Management LLC KS raised its position in shares of Manulife Financial by 3.7% during the second quarter. Caliber Wealth Management LLC KS now owns 12,578 shares of the financial services provider’s stock worth $402,000 after acquiring an additional 452 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MFC shares. UBS Group initiated coverage on Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating on the stock. Morgan Stanley set a $47.00 target price on shares of Manulife Financial in a research note on Tuesday, October 7th. Weiss Ratings reiterated a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada cut their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $48.00.

Manulife Financial Price Performance

Manulife Financial stock opened at $33.37 on Friday. The firm has a market capitalization of $56.38 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 1.13 and a beta of 0.98. The company’s 50 day simple moving average is $31.78 and its 200 day simple moving average is $31.31. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.47.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). The firm had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period in the previous year, the firm earned $0.91 earnings per share. As a group, analysts predict that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, 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.