Manulife Financial (NYSE:MFC) Sets New 52-Week High on Better-Than-Expected Earnings

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) shares hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $45.95 and last traded at $45.3120, with a volume of 87,950 shares. The stock had previously closed at $44.78.

The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.06. Manulife Financial had a return on equity of 16.90% and a net margin of 10.28%. The business had revenue of $8.78 billion during the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter in the previous year, the firm posted $1.16 EPS.

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, November 20th will be given a dividend of C$0.48 per share. This represents a $1.94 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is currently 51.49%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Royal Bank Of Canada upped their price objective on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Weiss Ratings raised shares of Manulife Financial from a “buy (a)” rating to a “buy (a+)” rating in a report on Thursday, October 8th. Zacks Research upgraded shares of Manulife Financial from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Scotiabank downgraded shares of Manulife Financial from a “sector outperform” rating to a “sector perform” rating in a report on Tuesday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Buy” and an average target price of $58.75.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds have recently bought and sold shares of the business. TD Waterhouse Canada Inc. increased its holdings in Manulife Financial by 0.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 16,757,547 shares of the financial services provider’s stock worth $683,609,000 after purchasing an additional 81,973 shares during the period. Bank of Nova Scotia acquired a new stake in Manulife Financial in the 2nd quarter valued at about $594,832,000. Canada Pension Plan Investment Board acquired a new stake in Manulife Financial in the 2nd quarter valued at about $495,841,000. Legal & General Group Plc purchased a new position in shares of Manulife Financial in the 2nd quarter valued at about $430,039,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of 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 buying an additional 7,577,711 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Down 4.5%

The firm has a market cap of $72.68 billion, a PE ratio of 14.15 and a beta of 0.86. The firm has a 50 day moving average price of $43.75 and a 200-day moving average price of $40.12.

About Manulife Financial

Manulife Financial Corporation is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into a diversified provider of insurance, wealth and asset management, and retirement solutions. Its common shares trade on the New York Stock Exchange under the symbol MFC.

Manulife offers life, health, and property and casualty insurance, along with retirement products, investment solutions, financial advice, and institutional asset management services.