Purpose Unlimited Inc. Invests $8.39 Million in Manulife Financial Corp $MFC

Purpose Unlimited Inc. acquired a new position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 230,917 shares of the financial services provider’s stock, valued at approximately $8,386,000.

A number of other large investors have also modified their holdings of MFC. Basepoint Wealth LLC purchased a new stake in Manulife Financial during the 4th quarter valued at about $25,000. Hantz Financial Services Inc. purchased a new position in Manulife Financial in the 4th quarter worth approximately $28,000. Sfam LLC acquired a new position in shares of Manulife Financial during the 4th quarter worth approximately $28,000. Heritage Wealth Advisors acquired a new position in shares of Manulife Financial during the 4th quarter worth approximately $30,000. Finally, Blueline Advisors LLC purchased a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC stock opened at $40.66 on Friday. The firm’s 50-day moving average is $38.85 and its two-hundred day moving average is $36.96. Manulife Financial Corp has a 12 month low of $29.70 and a 12 month high of $41.43. The company has a market capitalization of $67.86 billion, a PE ratio of 16.13 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same period last year, the company earned $0.99 EPS. Sell-side analysts forecast that Manulife Financial Corp will post 3.2 EPS for the current year.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.8%. The ex-dividend date was Friday, May 29th. Manulife Financial’s dividend payout ratio is presently 56.75%.

Analysts Set New Price Targets

Several research firms recently commented on MFC. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Wednesday, April 29th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and an average target price of $51.50.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.