VeraBank N.A. Makes New $203,000 Investment in Manulife Financial Corp $MFC

VeraBank N.A. bought a new stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,362 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of MFC. Eastern Bank boosted its holdings in Manulife Financial by 156.1% during the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 590 shares during the period. William B. Walkup & Associates Inc. bought a new stake in shares of Manulife Financial during the first quarter worth $43,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Manulife Financial during the second quarter valued at $55,000. Carderock Capital Management Inc. bought a new position in shares of Manulife Financial in the second quarter worth about $58,000. Finally, Kozak & Associates Inc. bought a new position in shares of Manulife Financial in the second quarter worth about $61,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

Shares of MFC opened at $33.56 on Wednesday. The company has a 50 day moving average price of $31.89 and a 200-day moving average price of $31.38. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.97. The stock has a market capitalization of $56.71 billion, a PE ratio of 14.98, a PEG ratio of 1.13 and a beta of 0.98.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Morgan Stanley set a $47.00 price objective on shares of Manulife Financial in a report on Tuesday, October 7th. Royal Bank Of Canada decreased their price target on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. UBS Group began coverage on Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating for the company. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $48.00.

About Manulife Financial

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.