Canaccord Genuity Initiates Coverage on Manulife Financial (MFC)
Investment analysts at Canaccord Genuity assumed coverage on shares of Manulife Financial (NYSE:MFC) in a note issued to investors on Monday. The firm set a “buy” rating and a C$22.00 price target on the stock.
Manulife Financial (NYSE:MFC) traded up 0.33% during mid-day trading on Monday, hitting $18.44. The stock had a trading volume of 602,156 shares. Manulife Financial has a 52-week low of $15.28 and a 52-week high of $20.36. The stock has a 50-day moving average of $18.70 and a 200-day moving average of $18.97. The company has a market cap of $34.188 billion and a price-to-earnings ratio of 11.38.
Manulife Financial (NYSE:MFC) last announced its earnings results on Thursday, May 1st. The company reported $0.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.36 by $0.06. The company had revenue of $14.24 billion for the quarter, compared to the consensus estimate of $11.12 billion. During the same quarter last year, the company posted $0.32 earnings per share. Manulife Financial’s revenue was up 144.0% compared to the same quarter last year. On average, analysts predict that Manulife Financial will post $1.61 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, June 19th. Stockholders of record on Tuesday, May 13th will be paid a dividend of $0.1179 per share. This represents a $0.47 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Friday, May 9th.
A number of other firms have also recently commented on MFC. Analysts at Zacks reiterated a “neutral” rating on shares of Manulife Financial in a research note on Friday, May 9th. They now have a $20.00 price target on the stock. Analysts at Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, May 2nd. They now have a C$23.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $21.40.
Manulife Financial Corporation (NYSE:MFC) is a Canada-based financial services group serving customers in 22 countries and territories around the world.
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