Manulife Financial Corp (NYSE:MFC) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) have received an average rating of “Buy” from the six analysts that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $51.50.

MFC has been the topic of a number of research reports. Canadian Imperial Bank of Commerce upgraded shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research report on Thursday, January 8th. Weiss Ratings cut Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, February 13th. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Thursday, February 5th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th.

Manulife Financial Trading Up 1.3%

NYSE MFC opened at $35.85 on Friday. Manulife Financial has a 1-year low of $25.92 and a 1-year high of $38.72. The company has a market capitalization of $60.11 billion, a price-to-earnings ratio of 16.15 and a beta of 0.83. The stock’s 50 day moving average is $36.98 and its two-hundred day moving average is $34.06.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.04. The firm had revenue of $11.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. During the same period last year, the firm posted $1.03 EPS. On average, analysts predict that Manulife Financial will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th will be given a dividend of $0.485 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $1.94 dividend on an annualized basis and a yield of 5.4%. Manulife Financial’s payout ratio is currently 63.51%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Canerector Inc. grew its holdings in shares of Manulife Financial by 4,445.8% in the 3rd quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider’s stock valued at $877,932,000 after acquiring an additional 27,564,000 shares in the last quarter. Norges Bank bought a new position in Manulife Financial in the fourth quarter valued at approximately $777,229,000. MUFG Securities EMEA plc increased its position in shares of Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after purchasing an additional 5,699,999 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Manulife Financial by 25.6% during the 3rd quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider’s stock worth $866,649,000 after purchasing an additional 5,671,639 shares during the last quarter. Finally, Quadrature Capital Ltd raised its stake in shares of Manulife Financial by 13,155.3% during the 3rd quarter. Quadrature Capital Ltd now owns 4,229,500 shares of the financial services provider’s stock worth $131,743,000 after purchasing an additional 4,197,592 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.