Prospera Financial Services Inc Makes New $1.52 Million Investment in Manulife Financial Corp $MFC

Prospera Financial Services Inc purchased a new position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) in the second quarter, HoldingsChannel reports. The institutional investor purchased 47,445 shares of the financial services provider’s stock, valued at approximately $1,516,000.

Several other institutional investors and hedge funds have also made changes to their positions in MFC. Eastern Bank increased its position in shares of Manulife Financial by 156.1% in 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. acquired a new position in shares of Manulife Financial in the first quarter valued at about $43,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Manulife Financial in the second quarter worth about $55,000. Carderock Capital Management Inc. acquired a new stake in shares of Manulife Financial during the second quarter worth about $58,000. Finally, Kozak & Associates Inc. purchased a new stake in Manulife Financial in the second quarter valued at approximately $61,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Price Performance

NYSE: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 1-year low of $25.92 and a 1-year high of $33.97. The firm has a market cap of $56.71 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

Analysts Set New Price Targets

A number of research firms have issued reports on MFC. UBS Group initiated coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. Weiss Ratings reissued a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. Royal Bank Of Canada lowered their price target on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Finally, Morgan Stanley set a $47.00 price target on Manulife Financial in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target 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.