Manulife Financial (NYSE:MFC) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Manulife Financial (NYSE:MFC) (TSE:MFC) from a hold rating to a strong sell rating in a report released on Wednesday morning,Zacks.com reports.

Several other research analysts have also weighed in on MFC. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Wednesday. Finally, Weiss Ratings raised shares of Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $51.50.

Manulife Financial Trading Up 0.0%

NYSE MFC opened at $43.38 on Wednesday. The business’s 50-day moving average price is $39.93 and its 200 day moving average price is $37.72. Manulife Financial has a twelve month low of $29.70 and a twelve month high of $43.55. The company has a market capitalization of $72.09 billion, a PE ratio of 17.21 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The business had revenue of $8.89 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same period in the previous year, the business posted $0.99 earnings per share. Equities analysts predict that Manulife Financial will post 3.03 EPS for the current year.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, May 29th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Friday, May 29th. Manulife Financial’s payout ratio is 56.75%.

Hedge Funds Weigh In On Manulife Financial

A number of large investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Manulife Financial during the 4th quarter valued at $777,229,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Manulife Financial by 183.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock valued at $402,969,000 after purchasing an additional 7,577,711 shares in the last quarter. MUFG Securities EMEA plc increased its holdings in Manulife Financial by 814.3% in the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock valued at $204,544,000 after purchasing an additional 5,699,999 shares in the last quarter. Man Group plc raised its position in Manulife Financial by 194.9% in the fourth quarter. Man Group plc now owns 6,205,598 shares of the financial services provider’s stock valued at $225,597,000 after purchasing an additional 4,101,390 shares during the period. Finally, Janus Henderson Group PLC raised its position in Manulife Financial by 1,975.2% in the fourth quarter. Janus Henderson Group PLC now owns 4,045,488 shares of the financial services provider’s stock valued at $147,312,000 after purchasing an additional 3,850,547 shares during the period. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.