Independent Financial Group LLC Makes New $448,000 Investment in Manulife Financial Corp $MFC

Independent Financial Group LLC bought a new position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,020 shares of the financial services provider’s stock, valued at approximately $448,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MFC. Basepoint Wealth LLC bought a new position in Manulife Financial in the fourth quarter worth approximately $25,000. Hantz Financial Services Inc. purchased a new position in Manulife Financial during the 4th quarter worth $28,000. Sfam LLC bought a new stake in Manulife Financial during the 4th quarter valued at $28,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Manulife Financial during the 1st quarter valued at $29,000. Finally, Heritage Wealth Advisors purchased a new stake in shares of Manulife Financial in the 4th quarter worth $30,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 0.1%

NYSE MFC opened at $43.06 on Friday. Manulife Financial Corp has a 52 week low of $29.70 and a 52 week high of $43.56. The company has a 50 day moving average price of $40.21 and a 200 day moving average price of $37.91. The firm has a market cap of $71.57 billion, a PE ratio of 17.09 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its 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 analyst estimates of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same quarter last year, the business earned $0.99 earnings per share. On average, equities research analysts anticipate that Manulife Financial Corp will post 3.03 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 4.5%. The ex-dividend date was Friday, May 29th. Manulife Financial’s payout ratio is 56.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MFC shares. Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, July 15th. Zacks Research cut shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Finally, TD Securities reissued a “buy” rating on shares of Manulife Financial in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.