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

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) has been assigned a consensus rating of “Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $51.50.

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Morgan Stanley set a $51.00 target price on shares of Manulife Financial in a research note on Monday, December 15th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Canadian Imperial Bank of Commerce raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research report on Thursday, January 8th. Finally, Weiss Ratings cut shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, February 13th.

Manulife Financial Stock Performance

NYSE:MFC opened at $34.41 on Tuesday. The stock’s 50-day simple moving average is $36.12 and its 200 day simple moving average is $34.56. The company has a market cap of $57.67 billion, a P/E ratio of 15.50 and a beta of 0.83. Manulife Financial has a 52-week low of $25.92 and a 52-week high of $38.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. The firm had revenue of $11.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same period in the prior year, the firm posted $1.03 earnings per share. As a group, equities analysts predict that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Wednesday, February 25th were paid a $0.485 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.44. The ex-dividend date was Wednesday, February 25th. This represents a $1.94 annualized dividend and a yield of 5.6%. Manulife Financial’s dividend payout ratio (DPR) is 63.96%.

Hedge Funds Weigh In On Manulife Financial

Several institutional investors and hedge funds have recently modified their holdings of MFC. Brighton Jones LLC raised its stake in Manulife Financial by 33.9% in the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock worth $288,000 after purchasing an additional 2,376 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Manulife Financial by 179.7% in the 1st quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider’s stock valued at $872,000 after purchasing an additional 18,222 shares during the period. Empowered Funds LLC grew its position in shares of Manulife Financial by 18.7% during the 1st quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider’s stock worth $1,757,000 after purchasing an additional 8,900 shares in the last quarter. Sivia Capital Partners LLC increased its holdings 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, MUFG Securities EMEA plc raised its position in shares of Manulife Financial by 814.3% in the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock valued at $204,544,000 after buying an additional 5,699,999 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.