Manulife Financial (NYSE:MFC) Shares Gap Down Following Weak Earnings

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $39.85, but opened at $37.57. Manulife Financial shares last traded at $37.4550, with a volume of 787,536 shares.

The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.The business had revenue of $8.89 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company earned $0.99 earnings per share.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Friday, May 29th. Manulife Financial’s dividend payout ratio (DPR) is presently 63.96%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, February 13th. Weiss Ratings upgraded Manulife Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Wednesday, April 29th. Finally, TD Securities reiterated a “buy” rating on shares of Manulife Financial in a report on Thursday. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $51.50.

Institutional Investors Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently made changes to their positions in MFC. Basepoint Wealth LLC acquired a new stake in Manulife Financial during the fourth quarter worth about $25,000. Hantz Financial Services Inc. acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $28,000. Sfam LLC acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $28,000. Root Financial Partners LLC acquired a new stake in Manulife Financial during the third quarter valued at approximately $25,000. Finally, Heritage Wealth Advisors acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $30,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Up 0.1%

The business has a fifty day simple moving average of $36.46 and a two-hundred day simple moving average of $36.02. The company has a market capitalization of $62.86 billion, a price-to-earnings ratio of 14.92 and a beta of 0.87.

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.