Manulife Financial Corp (NYSE:MFC) Given Average Recommendation of “Buy” by Analysts

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) have received an average rating of “Buy” from the six ratings firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $51.50.

MFC has been the topic of several research reports. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 8th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Finally, Weiss Ratings cut Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, February 13th.

Manulife Financial Trading Up 0.1%

Shares of Manulife Financial stock opened at $38.28 on Friday. Manulife Financial has a 12 month low of $29.66 and a 12 month high of $39.22. The firm has a market capitalization of $64.02 billion, a P/E ratio of 17.25 and a beta of 0.82. The business has a fifty day simple moving average of $35.52 and a two-hundred day simple moving average of $35.29.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. The firm had revenue of $11.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. During the same period in the prior year, the firm earned $1.03 EPS. Analysts predict that Manulife Financial will post 3.22 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were paid a dividend of $0.485 per share. The ex-dividend date was Wednesday, February 25th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 dividend on an annualized basis and a yield of 5.1%. Manulife Financial’s dividend payout ratio (DPR) is presently 63.96%.

Institutional Investors Weigh In On Manulife Financial

A number of institutional investors have recently modified their holdings of the stock. Canerector Inc. boosted its stake in Manulife Financial by 4,445.8% in the 3rd quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider’s stock worth $877,932,000 after purchasing an additional 27,564,000 shares in the last quarter. Norges Bank bought a new stake in Manulife Financial during the 4th quarter valued at about $777,229,000. MUFG Securities EMEA plc increased its stake in Manulife Financial by 814.3% during 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. Mackenzie Financial Corp raised its holdings in Manulife Financial by 25.6% in the third quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider’s stock worth $866,649,000 after buying an additional 5,671,639 shares during the last quarter. Finally, Quadrature Capital Ltd raised its holdings in Manulife Financial by 13,155.3% in the third quarter. Quadrature Capital Ltd now owns 4,229,500 shares of the financial services provider’s stock worth $131,743,000 after buying an additional 4,197,592 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

About Manulife Financial

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.