Manulife Financial Corp (NYSE:MFC) Receives Average Recommendation of “Buy” from Brokerages

by · The Markets Daily

Manulife Financial Corp (NYSE:MFC – Get Free Report) (TSE:MFC) has been given an average rating of “Buy” by the six ratings firms that are presently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have covered the stock in the last year is $51.50.

MFC has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price objective on Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, November 14th. CIBC raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Morgan Stanley set a $51.00 price target on Manulife Financial in a report on Monday, December 15th. Finally, UBS Group assumed coverage on shares of Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating on the stock.

Check Out Our Latest Report on Manulife Financial

Manulife Financial Trading Up 1.0%

Shares of MFC stock traded up $0.35 on Thursday, reaching $36.93. The company had a trading volume of 777,966 shares, compared to its average volume of 1,415,679. Manulife Financial has a 12 month low of $25.92 and a 12 month high of $37.46. The stock has a market cap of $62.10 billion, a PE ratio of 16.41 and a beta of 0.83. The company has a 50-day moving average of $35.07 and a 200-day moving average of $32.54.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last posted its earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.The business had revenue of $12.90 billion during the quarter. During the same period in the previous year, the company posted $1.00 earnings per share. Sell-side analysts anticipate that Manulife Financial will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Wednesday, November 26th were paid a dividend of $0.44 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Wednesday, November 26th. Manulife Financial’s payout ratio is 55.56%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MFC. Root Financial Partners LLC bought a new position in shares of Manulife Financial in the 3rd quarter worth $25,000. Caldwell Trust Co bought a new position in shares of Manulife Financial during the 2nd quarter worth approximately $27,000. Eastern Bank boosted its position in Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 590 shares during the last quarter. American Wealth Advisors LLC purchased a new position in shares of Manulife Financial in the 3rd quarter worth about $36,000. Finally, Winnow Wealth LLC bought a new position in shares of Manulife Financial during the 2nd quarter valued at approximately $38,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Company Profile

(Get Free Report)

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.

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