Manulife Financial (TSE:MFC) Cut to “Hold” at Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Manulife Financial (TSE:MFCGet Rating) (NYSE:MFC) from a buy rating to a hold rating in a report issued on Friday morning, BayStreet.CA reports. They currently have C$23.00 price target on the financial services provider’s stock, down from their previous price target of C$29.50.

MFC has been the topic of several other research reports. TD Securities decreased their price target on shares of Manulife Financial from C$37.00 to C$34.00 and set an action list buy rating on the stock in a research report on Thursday. BMO Capital Markets began coverage on shares of Manulife Financial in a research report on Thursday. They set a hold rating and a C$27.00 price objective on the stock. Scotiabank lowered their price objective on shares of Manulife Financial from C$28.00 to C$27.00 in a research report on Friday. Barclays lowered their price objective on shares of Manulife Financial from C$36.00 to C$34.00 and set an overweight rating on the stock in a research report on Tuesday, April 12th. Finally, Desjardins cut shares of Manulife Financial to a hold rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of C$27.88.

TSE:MFC traded up C$0.66 during midday trading on Friday, hitting C$22.52. 16,123,144 shares of the stock were exchanged, compared to its average volume of 8,573,473. Manulife Financial has a one year low of C$21.75 and a one year high of C$28.09. The company has a market capitalization of C$43.44 billion and a price-to-earnings ratio of 6.36. The business has a 50-day moving average price of C$25.76 and a two-hundred day moving average price of C$25.33. The company has a current ratio of 5.29, a quick ratio of 2.16 and a debt-to-equity ratio of 34.00.

Manulife Financial (TSE:MFCGet Rating) (NYSE:MFC) last announced its earnings results on Wednesday, February 9th. The financial services provider reported C$0.84 EPS for the quarter, topping the consensus estimate of C$0.82 by C$0.02. The firm had revenue of C$21.61 billion for the quarter. Sell-side analysts forecast that Manulife Financial will post 23.1800008 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 20th. Stockholders of record on Wednesday, May 25th will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, May 24th. This represents a $1.32 annualized dividend and a dividend yield of 5.86%. Manulife Financial’s payout ratio is 33.05%.

In related news, Senior Officer Steve Finch sold 12,895 shares of the company’s stock in a transaction dated Friday, February 18th. The shares were sold at an average price of C$26.97, for a total value of C$347,838.76. Following the sale, the insider now owns 9,183 shares of the company’s stock, valued at C$247,708.67. Also, Director Michael James Doughty sold 21,246 shares of the company’s stock in a transaction dated Friday, February 18th. The shares were sold at an average price of C$26.97, for a total transaction of C$573,104.48. Following the completion of the sale, the director now directly owns 5,545 shares in the company, valued at approximately C$149,574.71.

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.

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Analyst Recommendations for Manulife Financial (TSE:MFC)

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