Manulife Financial (NYSE:MFC) Downgraded by Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) from a buy rating to a hold rating in a report issued on Friday morning, The Fly reports.

Several other equities research analysts have also recently weighed in on MFC. BMO Capital Markets cut shares of Manulife Financial from an outperform rating to a market perform rating in a research report on Thursday. National Bank Financial decreased their price objective on shares of Manulife Financial from C$28.00 to C$26.00 in a research report on Thursday. Zacks Investment Research reiterated a hold rating on shares of Manulife Financial in a research report on Thursday, March 17th. Desjardins cut shares of Manulife Financial from a buy rating to a hold rating in a research report on Friday. Finally, Scotiabank decreased their price objective on shares of Manulife Financial from C$30.00 to C$28.00 in a research report on Monday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $29.90.

Shares of NYSE MFC opened at $16.76 on Friday. Manulife Financial has a 52-week low of $16.63 and a 52-week high of $22.19. The firm has a 50 day moving average price of $20.35 and a two-hundred day moving average price of $20.01. The stock has a market cap of $32.33 billion, a P/E ratio of 4.51, a price-to-earnings-growth ratio of 0.69 and a beta of 1.22.

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 9th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.02. The business had revenue of $17.14 billion during the quarter. During the same period in the prior year, the business posted $0.57 EPS. On average, analysts expect that Manulife Financial will post 2.75 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 20th. Shareholders of record on Wednesday, May 25th will be paid a $0.257 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 6.13%. The ex-dividend date is Tuesday, May 24th. Manulife Financial’s dividend payout ratio (DPR) is 27.96%.

Several institutional investors have recently added to or reduced their stakes in MFC. Prospera Financial Services Inc bought a new position in shares of Manulife Financial in the first quarter valued at $26,000. Meeder Asset Management Inc. bought a new position in shares of Manulife Financial during the first quarter valued at about $27,000. PSI Advisors LLC bought a new position in shares of Manulife Financial during the third quarter valued at about $29,000. Widmann Financial Services Inc. bought a new position in shares of Manulife Financial during the fourth quarter valued at about $33,000. Finally, Allegheny Financial Group LTD bought a new position in shares of Manulife Financial during the fourth quarter valued at about $34,000. 47.04% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Company Profile (Get Rating)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

Recommended Stories