Manulife Financial Corp (NYSE:MFC) Given Consensus Rating of “Buy” by Analysts

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) have been given an average rating of “Buy” by the eight research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $59.00.

Several research analysts have commented on the stock. Zacks Research raised shares of Manulife Financial from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 2nd. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. TD Securities restated a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Royal Bank Of Canada lifted their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating 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 report on Wednesday, August 19th.

Manulife Financial Price Performance

Shares of MFC stock opened at $43.55 on Tuesday. Manulife Financial has a 1 year low of $30.52 and a 1 year high of $45.33. The stock’s 50 day simple moving average is $43.35 and its two-hundred day simple moving average is $39.61. The company has a market cap of $72.26 billion, a PE ratio of 16.25 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. The firm 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 company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 EPS. Equities research analysts expect that Manulife Financial will post 3 EPS for the current year.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Friday, August 21st. Manulife Financial’s payout ratio is 51.49%.

Institutional Investors Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently modified their holdings of MFC. Addison Advisors LLC bought a new position in Manulife Financial in the 2nd quarter valued at $25,000. POM Investment Strategies LLC purchased a new stake in Manulife Financial in the second quarter worth $26,000. First Bancorp Inc ME bought a new stake in shares of Manulife Financial during the second quarter worth $26,000. Basepoint Wealth LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth $25,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of Manulife Financial during the fourth quarter valued at $28,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

About Manulife Financial

Manulife Financial Corporation is a Canada-based financial services company that provides insurance, wealth management and asset management products to individuals, businesses and institutional clients. Its offerings include life and health insurance, retirement solutions, investment products, group benefits and long-term care coverage.

Manulife serves customers primarily in Canada, the United States and Asia. In the United States, its insurance and retirement businesses operate under the John Hancock brand.