Manulife Financial Co. (NYSE:MFC) Receives $29.50 Average Price Target from Brokerages

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have received a consensus recommendation of “Hold” from the eleven brokerages that are currently covering the company, Marketbeat reports. Seven equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $29.50.

Several research analysts have recently commented on MFC shares. Royal Bank of Canada raised their price objective on Manulife Financial from $28.00 to $29.00 and gave the stock a “sector perform” rating in a research note on Friday, August 6th. BMO Capital Markets lifted their target price on Manulife Financial from C$33.00 to C$34.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Zacks Investment Research raised Manulife Financial from a “sell” rating to a “hold” rating and set a $21.00 target price on the stock in a research note on Tuesday, August 10th. Canaccord Genuity lifted their target price on Manulife Financial from C$29.50 to C$30.00 and gave the company a “buy” rating in a research note on Friday, August 6th. Finally, Credit Suisse Group lifted their target price on Manulife Financial from C$26.00 to C$28.00 and gave the company a “neutral” rating in a research note on Tuesday, November 16th.

MFC stock traded up $0.06 during trading on Thursday, reaching $19.57. The stock had a trading volume of 9,612,221 shares, compared to its average volume of 3,443,458. Manulife Financial has a 52 week low of $16.84 and a 52 week high of $22.25. The stock’s 50 day moving average is $19.72 and its two-hundred day moving average is $19.84. The firm has a market cap of $38.01 billion, a PE ratio of 7.22, a PEG ratio of 0.74 and a beta of 1.35.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, November 3rd. The financial services provider reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.05). The business had revenue of $12.69 billion during the quarter. Research analysts predict that Manulife Financial will post 2.62 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 20th. Shareholders of record on Wednesday, December 1st will be issued a dividend of $0.226 per share. This represents a $0.90 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Tuesday, November 30th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.22. Manulife Financial’s dividend payout ratio (DPR) is currently 33.21%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in Manulife Financial by 15.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,878,297 shares of the financial services provider’s stock valued at $45,830,000 after buying an additional 246,487 shares in the last quarter. Fieldpoint Private Securities LLC grew its holdings in Manulife Financial by 35.9% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 2,802 shares of the financial services provider’s stock valued at $56,000 after buying an additional 740 shares in the last quarter. Comerica Bank boosted its holdings in shares of Manulife Financial by 0.7% in the 2nd quarter. Comerica Bank now owns 124,715 shares of the financial services provider’s stock worth $2,410,000 after purchasing an additional 832 shares during the period. Pendal Group Limited boosted its holdings in shares of Manulife Financial by 33.2% in the 1st quarter. Pendal Group Limited now owns 231,631 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 57,714 shares during the period. Finally, Midwest Wealth Management Inc. boosted its holdings in shares of Manulife Financial by 9.2% in the 2nd quarter. Midwest Wealth Management Inc. now owns 60,488 shares of the financial services provider’s stock worth $1,192,000 after purchasing an additional 5,097 shares during the period. Institutional investors and hedge funds own 46.76% of the company’s stock.

About Manulife Financial

Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.

Featured Article: Why is a lock-up period needed for an IPO?

Analyst Recommendations for Manulife Financial (NYSE:MFC)

Receive News & Ratings for Manulife Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manulife Financial and related companies with MarketBeat.com's FREE daily email newsletter.