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

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) has been given a consensus recommendation of “Buy” by the eight brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $59.00.

A number of analysts have weighed in on MFC shares. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a research report on Thursday, August 6th. Zacks Research cut Manulife Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Finally, Royal Bank Of Canada boosted their price objective on shares of Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, August 7th.

Hedge Funds Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently bought and sold shares of MFC. Hoge Financial Services LLC increased its stake in Manulife Financial by 0.9% in the fourth quarter. Hoge Financial Services LLC now owns 31,975 shares of the financial services provider’s stock valued at $1,160,000 after purchasing an additional 272 shares during the last quarter. Bridgewater Advisors Inc. boosted its stake in Manulife Financial by 3.3% in the 1st quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider’s stock worth $299,000 after buying an additional 274 shares during the last quarter. Baron Wealth Management LLC grew its holdings in Manulife Financial by 2.4% in the 2nd quarter. Baron Wealth Management LLC now owns 12,432 shares of the financial services provider’s stock valued at $504,000 after buying an additional 291 shares during the period. Americana Partners LLC increased its stake in shares of Manulife Financial by 0.5% during the 4th quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider’s stock valued at $2,143,000 after acquiring an additional 295 shares during the last quarter. Finally, Midwest Professional Planners LTD. increased its stake in shares of Manulife Financial by 1.1% during the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider’s stock valued at $954,000 after acquiring an additional 305 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $42.48 on Friday. The stock has a market cap of $70.60 billion, a P/E ratio of 15.85 and a beta of 0.84. The firm has a fifty day moving average price of $42.44 and a 200 day moving average price of $38.88. Manulife Financial has a 1-year low of $29.70 and a 1-year high of $45.33.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Sell-side analysts expect that Manulife Financial will post 3.03 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, August 21st will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is currently 51.49%.

About Manulife Financial

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.