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

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has earned a consensus rating of “Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have covered the stock in the last year is $33.33.

A number of research firms have recently commented on MFC. Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. Finally, Jefferies Financial Group started coverage on Manulife Financial in a report on Thursday, February 22nd. They issued a “buy” rating for the company.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $24.44 on Thursday. The company has a market cap of $43.89 billion, a P/E ratio of 12.66, a PEG ratio of 0.89 and a beta of 1.08. The firm has a 50-day simple moving average of $23.93 and a two-hundred day simple moving average of $21.89. Manulife Financial has a 1 year low of $17.07 and a 1 year high of $25.14.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The company had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $7.57 billion. As a group, equities research analysts expect that Manulife Financial will post 2.7 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were issued a $0.298 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.19 annualized dividend and a dividend yield of 4.88%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s payout ratio is currently 61.66%.

Hedge Funds Weigh In On Manulife Financial

Several institutional investors have recently bought and sold shares of MFC. Yousif Capital Management LLC boosted its position in Manulife Financial by 1.5% during the 1st quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock valued at $759,000 after acquiring an additional 460 shares in the last quarter. First Affirmative Financial Network raised its position in shares of Manulife Financial by 4.5% in the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 482 shares in the last quarter. Bruce G. Allen Investments LLC lifted its stake in shares of Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the last quarter. Spire Wealth Management boosted its position in Manulife Financial by 28.6% during the first quarter. Spire Wealth Management now owns 2,249 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 500 shares in the last quarter. Finally, Wesbanco Bank Inc. grew its stake in Manulife Financial by 3.6% in the first quarter. Wesbanco Bank Inc. now owns 14,469 shares of the financial services provider’s stock valued at $362,000 after purchasing an additional 506 shares during the last quarter. 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.