Cardinal Capital Management 13F: Cuts MFC Stake by $25M

Cardinal Capital Management cut its stake in Manulife Financial Corporation (NYSE: MFC) by 580,082 shares, now holding 4,099,098 shares worth about $175.1 million. This reduction represents a decrease of approximately 12.4%. The latest filing was disclosed on October 16, 2026.

What Changed in Cardinal Capital's Manulife Position

Cardinal Capital's reduction in shares lowers its holdings from 4,679,180 to 4,099,098. The fund's position saw a 12.4% decrease in its stake, reflecting a strategic adjustment in its portfolio.

Other Institutional Activity in Manulife

Several other funds also adjusted their stakes in Manulife Financial. Royal Bank of Canada decreased its holdings by 2,963,168 shares, now holding 108,016,896 shares worth about $4.79 billion. Bank of Montreal cut 527,128 shares, bringing its total to 56,769,350 shares valued at $2.52 billion. TD Asset Management sold off 9,424,957 shares, with a current holding of 31,322,803 shares worth about $1.39 billion. Mackenzie Financial Corporation trimmed its position by 385,626 shares, ending with 29,507,839 shares valued at $1.31 billion. Vanguard Capital Management LLC, however, increased its stake by 389,269 shares, reaching a total of 48,447,152 shares valued at $2.15 billion.

Manulife Financial Corporation Stock Up 0.9%

Manulife Financial's stock has recently traded around $44.24, which is above its 50-day moving average by about 1.9% and its 200-day average by 11.9%. However, it's still about 2.4% below its 52-week high of $45.33, suggesting it has not yet reached its peak performance.

Recent Earnings

In its latest earnings report, Manulife Financial reported trailing twelve-month revenue of approximately $33.1 billion and an earnings per share (EPS) of $2.67. The company has shown a revenue growth rate of 10.7% year-over-year. Its next earnings report is anticipated on November 4, 2026.

Analysts Set New Price Targets

On August 7, 2026, RBC Capital maintained an 'Outperform' rating for Manulife Financial with a price target of $67.00, increased from a prior target of $55.00. The consensus recommendation among analysts is a 'buy', with a mean price target of $34.49.

About Manulife Financial Corporation

Manulife Financial Corporation, headquartered in Toronto, Canada, offers a range of financial products and services, including insurance and investment options. The company operates in the U.S., Canada, Asia, and other international markets. This strategic positioning allows it to cater to diverse financial needs across various regions.

Bottom Line

Investors should keep an eye on the upcoming earnings report on November 4, 2026, as it may provide further insights into Manulife's performance. Keep in mind that the recent 13F filing reflects holdings as of the reporting period and may not represent Cardinal Capital's current position in Manulife. Keep in mind that 13F filings are backward-looking: they show holdings as of the end of the reporting quarter and may not represent the fund's current position.