Brokerages Set Manulife Financial Co. (NYSE:MFC) Price Target at $45.50

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has received an average rating of “Buy” from the five research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $45.50.

A number of research firms recently issued reports on MFC. Royal Bank of Canada lifted their price target 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.

Institutional Trading of Manulife Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in MFC. Crews Bank & Trust acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $31,000. Stonebridge Financial Group LLC acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $34,000. Golden State Wealth Management LLC acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $35,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $35,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Down 0.8%

Manulife Financial stock opened at $30.90 on Wednesday. The stock has a 50-day simple moving average of $29.82 and a 200 day simple moving average of $30.47. Manulife Financial has a 12-month low of $23.30 and a 12-month high of $33.07. The stock has a market capitalization of $52.92 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $1.49 billion during the quarter. During the same period last year, the company earned $0.94 earnings per share. As a group, sell-side analysts anticipate that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. The ex-dividend date of this dividend is Wednesday, May 21st. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.13%. Manulife Financial’s dividend payout ratio (DPR) is 63.35%.

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.