Stocks
Manufacturers Life Insurance Company Takes $176 Million Stake in International Business Machines
The Manufacturers Life Insurance Company has acquired a new stake in International Business Machines Corporation (IBM), purchasing 627,060 shares worth approximately $176.34 million.
This is not the only institutional investor to take an interest in IBM; BlackRock Inc. bought a new stake valued at about $21.59 billion, and Bank of New York Mellon Corp purchased a new stake worth around $2.61 billion.
IBM's stock price has been impacted by concerns over a slowdown in its Z product activity, leading to a selloff that prompted a securities-law investigation announcement.
The company recently announced a quarterly dividend of $1.69 per share, paid on September 10th for shareholders recorded as of August 10th.