Manulife Financial (NYSE:MFC) Rating Increased to Hold at Zacks Research

Manulife Financial (NYSE:MFC) (TSE:MFC) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday, Zacks reports.

Several other brokerages also recently weighed in on MFC. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a research note on Thursday, August 6th. Royal Bank Of Canada increased their price target on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Manulife Financial has a consensus rating of “Buy” and an average target price of $59.00.

Manulife Financial Stock Up 2.9%

NYSE:MFC opened at $44.56 on Wednesday. The company has a market capitalization of $73.94 billion, a PE ratio of 16.63 and a beta of 0.83. Manulife Financial has a 52-week low of $30.49 and a 52-week high of $45.33. The stock’s 50 day moving average price is $42.96 and its 200 day moving average price is $39.26.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Manulife Financial will post 3.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Manulife Financial

Large investors have recently added to or reduced their stakes in the business. Bridgewater Advisors Inc. raised its position in Manulife Financial by 3.3% during the first quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 274 shares during the last quarter. Baron Wealth Management LLC raised its position in shares of Manulife Financial by 2.4% during the 2nd quarter. Baron Wealth Management LLC now owns 12,432 shares of the financial services provider’s stock worth $504,000 after purchasing an additional 291 shares during the last quarter. Americana Partners LLC lifted its stake in Manulife Financial by 0.5% in the 4th quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider’s stock valued at $2,143,000 after buying an additional 295 shares in the last quarter. Midwest Professional Planners LTD. grew its holdings in Manulife Financial by 1.1% during the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider’s stock valued at $954,000 after buying an additional 305 shares during the last quarter. Finally, Western Wealth Management LLC raised its holdings in shares of Manulife Financial by 5.4% in the first quarter. Western Wealth Management LLC now owns 6,192 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 317 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Company Profile

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.