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

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have earned a consensus recommendation of “Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $45.50.

Several analysts recently commented on the company. Royal Bank of Canada upped their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd.

Manulife Financial Trading Down 0.0 %

Shares of MFC stock opened at $31.30 on Wednesday. The firm has a market capitalization of $53.77 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.11 and a beta of 1.00. The business’s 50-day moving average price is $29.77 and its 200-day moving average price is $30.44. Manulife Financial has a 12 month low of $23.30 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results 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 firm had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. On average, sell-side analysts predict that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 annualized dividend and a yield of 3.95%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

Hedge Funds Weigh In On Manulife Financial

Several institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its position in shares of Manulife Financial by 3.0% during the 1st quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider’s stock worth $480,000 after buying an additional 444 shares during the period. Assetmark Inc. increased its stake in Manulife Financial by 4.0% in the first quarter. Assetmark Inc. now owns 594,906 shares of the financial services provider’s stock valued at $18,531,000 after purchasing an additional 22,849 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Manulife Financial by 4.6% during the first quarter. Cetera Investment Advisers now owns 155,432 shares of the financial services provider’s stock valued at $4,842,000 after purchasing an additional 6,872 shares during the period. Ninepoint Partners LP boosted its position in shares of Manulife Financial by 6.9% during the 1st quarter. Ninepoint Partners LP now owns 104,114 shares of the financial services provider’s stock worth $3,243,000 after purchasing an additional 6,741 shares in the last quarter. Finally, AE Wealth Management LLC bought a new position in shares of Manulife Financial during the 1st quarter worth about $213,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.