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

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have been assigned an average rating of “Buy” from the six research firms that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $33.33.

A number of research firms recently weighed in on MFC. Jefferies Financial Group initiated coverage on Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating for the company. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th.

Manulife Financial Trading Up 0.8 %

Shares of MFC stock opened at $25.75 on Friday. The stock has a 50 day moving average of $25.02 and a two-hundred day moving average of $23.53. Manulife Financial has a 12 month low of $17.07 and a 12 month high of $26.81. The company has a market capitalization of $46.09 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.93 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The business had revenue of $9.49 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Sell-side analysts predict that Manulife Financial will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s payout ratio is presently 67.44%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prudential PLC increased its holdings in shares of Manulife Financial by 11.1% during the fourth quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock worth $25,235,000 after buying an additional 114,213 shares in the last quarter. Alberta Investment Management Corp increased its holdings in shares of Manulife Financial by 21.4% during the fourth quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock worth $92,867,000 after buying an additional 737,203 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $1,846,000. Claret Asset Management Corp increased its holdings in Manulife Financial by 1.0% in the fourth quarter. Claret Asset Management Corp now owns 89,860 shares of the financial services provider’s stock valued at $1,987,000 after purchasing an additional 904 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Manulife Financial by 109.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 199,140 shares of the financial services provider’s stock valued at $4,401,000 after purchasing an additional 104,026 shares during the period. 52.56% of the stock is currently owned by institutional investors.

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.