5 Canadian Stocks to Buy Amid Rate Hikes

3. Manulife Financial Corporation (NYSE:MFC)

Number of Hedge Fund Holders: 19

Manulife Financial Corporation (NYSE:MFC) was incorporated in 1887 and is headquartered in Toronto, Canada. The company provides financial products and services in Asia, Canada, and the United States, operating through Wealth and Asset Management Businesses, Insurance and Annuity Products, and Corporate and Other segments. 

On May 11, Manulife Financial Corporation (NYSE:MFC) declared a C$0.33 per share quarterly dividend, in line with previous. The dividend is distributable on June 20, to shareholders of record on May 25. Manulife Financial Corporation (NYSE:MFC)’s dividend yield on June 10 came in at 5.77%. 

TD Securities analyst Mario Mendonca maintained an Action List Buy rating on Manulife Financial Corporation (NYSE:MFC) but lowered the firm’s price target on the shares to C$34 from C$37 on May 13. 

Among the hedge funds tracked by Insider Monkey, 19 funds were long Manulife Financial Corporation (NYSE:MFC) at the end of Q1, up from 15 funds in the last quarter. Noam Gottesman’s GLG Partners is the biggest position holder in the company, with approximately 10 million shares worth $211.20 million.