Manulife Financial (NYSE:MFC) Posts Earnings Results, Beats Expectations By $0.10 EPS

Manulife Financial (NYSE:MFC) (TSE:MFC) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10, Zacks reports. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.

Manulife Financial Price Performance

Shares of Manulife Financial stock traded up $0.82 on Wednesday, hitting $34.36. The company had a trading volume of 1,771,734 shares, compared to its average volume of 2,165,436. Manulife Financial has a 52 week low of $25.92 and a 52 week high of $34.50. The company has a market cap of $57.89 billion, a PE ratio of 15.34, a PEG ratio of 1.13 and a beta of 0.98. The business has a 50-day simple moving average of $31.89 and a 200-day simple moving average of $31.38.

Institutional Trading of Manulife Financial

Large investors have recently added to or reduced their stakes in the business. Keel Point LLC bought a new position in shares of Manulife Financial in the second quarter valued at $200,000. Modern Wealth Management LLC acquired a new position in shares of Manulife Financial in the 2nd quarter worth $227,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Manulife Financial during the second quarter worth $227,000. Sivia Capital Partners LLC raised its position in shares of Manulife Financial by 13.1% during the second quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider’s stock worth $251,000 after purchasing an additional 909 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Manulife Financial by 13.4% during the second quarter. Geneos Wealth Management Inc. now owns 8,853 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 1,045 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on MFC shares. Weiss Ratings reissued a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. Royal Bank Of Canada dropped their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. UBS Group started coverage on shares of Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating on the stock. Finally, Morgan Stanley set a $47.00 target price on Manulife Financial in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, Manulife Financial has an average rating of “Buy” and an average target price of $48.00.

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.