Zacks Investment Research Downgrades Manulife Financial Corp (MFC) to Hold
Manulife Financial Corp (NYSE:MFC) (TSE:MFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Manulife continues to witness new business volumes, particularly in Asia, and positive net flows in its wealth and asset management businesses. Deep reach in the Asian market and a growing asset management business would drive long-term earnings growth. The company remains on track to achieve more than $100 million in expense synergies. However, declining group benefit sales in Canada segment will weigh on results, volatile global equity markets coupled with low bond yields has largely affected the company’s capital position. Shares of Manulife underperformed the industry in a year’s time. Moreover, the company witnessed its third quarter estimates moving down ahead of earnings release. The company is set to report third quarter results on Nov 8. A Zacks Rank #3, which increases the predictive power of earnings surprise, when combined with Earnings ESP of -2.97% makes prediction difficult for conclusive beat.”
MFC has been the topic of a number of other reports. BidaskClub upgraded Manulife Financial Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Morgan Stanley boosted their price objective on Manulife Financial Corp from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Thursday, October 5th. Finally, ValuEngine lowered Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $24.50.
Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $12.34 billion for the quarter, compared to the consensus estimate of $16.09 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share.
Institutional investors have recently bought and sold shares of the stock. Ropes Wealth Advisors LLC purchased a new position in Manulife Financial Corp during the second quarter worth about $103,000. D.A. Davidson & CO. grew its position in Manulife Financial Corp by 17.5% during the second quarter. D.A. Davidson & CO. now owns 6,768 shares of the financial services provider’s stock worth $126,000 after buying an additional 1,010 shares in the last quarter. Pennsylvania Trust Co purchased a new position in Manulife Financial Corp during the second quarter worth about $234,000. Sadoff Investment Management LLC purchased a new position in Manulife Financial Corp during the second quarter worth about $188,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Manulife Financial Corp by 25.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,284 shares of the financial services provider’s stock worth $193,000 after buying an additional 2,103 shares in the last quarter. Institutional investors and hedge funds own 46.12% of the company’s stock.
Manulife Financial Corp Company Profile
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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