Manulife Financial Co. (NYSE:MFC) Receives Average Recommendation of “Buy” from Analysts

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have been given a consensus rating of “Buy” by the six ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $45.50.

MFC has been the topic of a number of recent research reports. Royal Bank of Canada boosted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd.

Manulife Financial Stock Performance

Manulife Financial stock opened at $30.77 on Friday. The company has a market cap of $53.02 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.11 and a beta of 1.09. Manulife Financial has a 1 year low of $22.61 and a 1 year high of $33.07. The firm has a 50 day moving average price of $30.34 and a 200 day moving average price of $29.92.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion during the quarter. Sell-side analysts predict that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.3094 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is 58.45%.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds have recently bought and sold shares of MFC. Franklin Resources Inc. increased its holdings in shares of Manulife Financial by 16.4% during the third quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock valued at $61,426,000 after purchasing an additional 279,418 shares during the period. Sanctuary Advisors LLC grew its position in Manulife Financial by 148.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after purchasing an additional 43,877 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc boosted its position in Manulife Financial by 14.9% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after acquiring an additional 11,509 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Manulife Financial during the 3rd quarter valued at $13,318,000. Finally, DRW Securities LLC acquired a new position in Manulife Financial in the 3rd quarter worth about $1,008,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.