GoalVest Advisory LLC Makes New $160,000 Investment in Manulife Financial Co. (NYSE:MFC)

GoalVest Advisory LLC purchased a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,400 shares of the financial services provider’s stock, valued at approximately $160,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. First Affirmative Financial Network lifted its holdings in Manulife Financial by 4.5% in the first quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 482 shares during the period. Bruce G. Allen Investments LLC lifted its holdings in Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 490 shares during the last quarter. Blue Trust Inc. lifted its holdings in Manulife Financial by 5.7% in the 4th quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 568 shares during the last quarter. Fortis Group Advisors LLC lifted its holdings in Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 605 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Manulife Financial by 13.4% in the 4th quarter. First Horizon Advisors Inc. now owns 5,425 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 641 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analysts Set New Price Targets

Separately, National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Manulife Financial has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Manulife Financial Trading Up 2.4 %

MFC stock opened at $26.51 on Friday. The firm has a market capitalization of $47.44 billion, a PE ratio of 15.41, a P/E/G ratio of 0.95 and a beta of 1.09. Manulife Financial Co. has a one year low of $17.07 and a one year high of $26.81. The firm has a 50-day moving average of $25.27 and a two-hundred day moving average of $23.73.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. The company had revenue of $9.49 billion for the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. On average, equities research analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current year.

Manulife Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were issued a $0.29 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.38%. Manulife Financial’s dividend payout ratio is currently 67.44%.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.