Royal Bank of Canada Boosts Manulife Financial (NYSE:MFC) Price Target to $51.00

Manulife Financial (NYSE:MFC) (TSE:MFC) had its target price increased by Royal Bank of Canada from $49.00 to $51.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target points to a potential upside of 68.00% from the stock’s previous close.

Manulife Financial Stock Performance

MFC stock opened at $30.36 on Friday. The firm has a market cap of $52.32 billion, a PE ratio of 14.67, a P/E/G ratio of 1.11 and a beta of 1.09. The firm’s fifty day moving average is $30.32 and its 200 day moving average is $29.79. Manulife Financial has a one year low of $22.61 and a one year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. Research analysts predict that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Manulife Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. lifted its stake in shares of Manulife Financial by 16.4% in the third quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after buying an additional 279,418 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Manulife Financial by 148.9% in the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after buying an additional 43,877 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc lifted its stake in shares of Manulife Financial by 14.9% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after buying an additional 11,509 shares in the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Manulife Financial in the third quarter worth about $13,318,000. Finally, DRW Securities LLC purchased a new position in shares of Manulife Financial in the third quarter worth about $1,008,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

About Manulife Financial

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.