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

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have received an average rating of “Buy” from the eight research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $37.50.

MFC has been the subject of several recent research reports. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays started coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating on the stock.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $32.47 on Monday. Manulife Financial has a 1-year low of $19.13 and a 1-year high of $33.07. The stock has a market cap of $56.88 billion, a P/E ratio of 15.69, a P/E/G ratio of 1.19 and a beta of 1.08. The firm has a fifty day moving average price of $30.38 and a 200 day moving average price of $27.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.30. The business had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Sell-side analysts expect that Manulife Financial will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.296 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.65%. Manulife Financial’s payout ratio is 57.00%.

Hedge Funds Weigh In On Manulife Financial

Several institutional investors have recently added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Manulife Financial by 1,210.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock valued at $30,922,000 after acquiring an additional 1,072,474 shares during the period. Bessemer Group Inc. boosted its position in Manulife Financial by 2,913.7% during the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 83,741 shares during the period. Legal & General Group Plc grew its position in shares of Manulife Financial by 0.5% during the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after acquiring an additional 75,244 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Manulife Financial by 1.0% in the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock valued at $1,806,508,000 after purchasing an additional 727,764 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in Manulife Financial in the 1st quarter valued at approximately $1,705,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Company Profile

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.