Highstreet Asset Management Inc. Cuts Stake in Manulife Financial Co. (MFC)

Highstreet Asset Management Inc. lowered its position in Manulife Financial Co. (NYSE:MFC) by 10.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 341,032 shares of the company’s stock after selling 40,314 shares during the period. Highstreet Asset Management Inc.’s holdings in Manulife Financial were worth $5,114,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. CIBC World Markets raised its stake in Manulife Financial by 1.1% in the fourth quarter. CIBC World Markets now owns 36,719,341 shares of the company’s stock worth $550,056,000 after buying an additional 409,287 shares during the period. Endurance Wealth Management Inc. raised its stake in Manulife Financial by 5.4% in the fourth quarter. Endurance Wealth Management Inc. now owns 49,000 shares of the company’s stock worth $734,000 after buying an additional 2,500 shares during the period. Barry Investment Advisors LLC acquired a new stake in Manulife Financial during the fourth quarter worth about $1,291,000. DORCHESTER WEALTH MANAGEMENT Co raised its stake in Manulife Financial by 4.6% in the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 281,805 shares of the company’s stock worth $4,223,000 after buying an additional 12,500 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Manulife Financial by 43.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,508,422 shares of the company’s stock worth $37,452,000 after buying an additional 754,448 shares during the period.

Manulife Financial Co. (NYSE:MFC) opened at 11.38 on Friday. The stock has a market capitalization of $22.43 billion and a P/E ratio of 12.42. The company has a 50 day moving average of $13.48 and a 200-day moving average of $15.58. Manulife Financial Co. has a 52-week low of $10.99 and a 52-week high of $19.61.

Manulife Financial (NYSE:MFC) last released its earnings results on Thursday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.03. During the same quarter in the previous year, the firm posted $0.36 EPS. Equities research analysts anticipate that Manulife Financial Co. will post $2.04 EPS for the current year.

MFC has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Thursday, October 15th. Canaccord Genuity reissued a “buy” rating on shares of Manulife Financial in a research report on Wednesday, February 3rd. RBC Capital increased their price objective on shares of Manulife Financial from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, November 13th. TheStreet downgraded shares of Manulife Financial from a “buy” rating to a “hold” rating in a research report on Monday, January 25th. Finally, TD Securities downgraded shares of Manulife Financial from a “buy” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Manulife Financial Corp is a Canada-based financial services and life insurance company. The Company offers financial protection and wealth management products and services. It caters to personal and business clients. It also provides asset management services to institutional customers. Its operating segments are Asia, Canadian and U.S.

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Friday, February 12th, 2016 EN

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