Manulife Financial Corp (NYSE:MFC) Receives $51.50 Consensus Price Target from Brokerages

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) have been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $51.50.

A number of brokerages recently commented on MFC. Canadian Imperial Bank of Commerce raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday, January 8th. Morgan Stanley set a $51.00 price objective on Manulife Financial in a research note on Monday, December 15th. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Finally, Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, February 13th.

Manulife Financial Stock Performance

MFC stock opened at $35.55 on Friday. The firm has a fifty day moving average price of $36.97 and a 200 day moving average price of $34.15. Manulife Financial has a fifty-two week low of $25.92 and a fifty-two week high of $38.72. The firm has a market cap of $59.60 billion, a PE ratio of 16.01 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. The business had revenue of $11.32 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter last year, the business earned $1.03 earnings per share. On average, equities analysts predict that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Wednesday, February 25th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.5%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s dividend payout ratio is presently 63.51%.

Institutional Trading of Manulife Financial

Institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in shares of Manulife Financial in the third quarter worth approximately $25,000. Basepoint Wealth LLC purchased a new position in Manulife Financial during the 4th quarter valued at $25,000. Caldwell Trust Co bought a new position in Manulife Financial in the 2nd quarter valued at $27,000. Hantz Financial Services Inc. purchased a new stake in Manulife Financial in the fourth quarter worth $28,000. Finally, Sfam LLC purchased a new stake in Manulife Financial in the fourth quarter worth $28,000. Institutional investors own 52.56% of the company’s stock.

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.