Manulife Financial Co. (NYSE:MFC) Receives Consensus Rating of “Buy” from Brokerages

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has received a consensus rating of “Buy” from the five analysts that are presently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued a report on the stock in the last year is $33.33.

A number of research firms have issued reports on MFC. Royal Bank of Canada raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, December 12th. TheStreet upgraded shares of Manulife Financial from a “c+” rating to a “b” rating in a research note on Thursday, December 21st. Jefferies Financial Group began coverage on shares of Manulife Financial in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Finally, BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $31.00 to $35.00 in a report on Thursday, February 15th.

Institutional Trading of Manulife Financial

Several institutional investors and hedge funds have recently made changes to their positions in MFC. Norges Bank purchased a new position in shares of Manulife Financial in the 4th quarter valued at approximately $406,195,000. FIL Ltd raised its holdings in Manulife Financial by 750.5% during the fourth quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock worth $218,990,000 after purchasing an additional 8,745,071 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Manulife Financial by 26.5% in the 4th quarter. TD Asset Management Inc now owns 37,066,418 shares of the financial services provider’s stock worth $823,074,000 after buying an additional 7,766,870 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Manulife Financial by 47.4% in the fourth quarter. CIBC Asset Management Inc now owns 20,710,186 shares of the financial services provider’s stock valued at $459,108,000 after purchasing an additional 6,663,997 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Manulife Financial by 33.1% in the 4th quarter. Legal & General Group Plc now owns 14,822,902 shares of the financial services provider’s stock valued at $329,137,000 after buying an additional 3,684,537 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 0.4 %

Manulife Financial stock opened at $24.39 on Friday. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $25.14. The firm has a market cap of $43.93 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. The company’s 50 day moving average is $23.73 and its two-hundred day moving average is $21.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. The business had revenue of $10.96 billion for the quarter, compared to analyst estimates of $7.57 billion. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. On average, equities research analysts anticipate that Manulife Financial will post 2.71 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a dividend yield of 4.89%. The ex-dividend date was Tuesday, February 27th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s payout ratio is currently 61.66%.

Manulife Financial Company Profile

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.