Manulife Financial (NYSE:MFC) Upgraded by Zacks Research to “Hold” Rating

Manulife Financial (NYSE:MFC) (TSE:MFC) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks reports.

A number of other brokerages also recently issued reports on MFC. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. TD Securities restated a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Royal Bank Of Canada raised their price objective on shares of Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Weiss Ratings raised shares of Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a research report on Wednesday, August 19th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Buy” and a consensus target price of $59.00.

Manulife Financial Trading Up 2.9%

Shares of NYSE MFC opened at $44.56 on Wednesday. The stock has a market cap of $73.94 billion, a P/E ratio of 16.63 and a beta of 0.83. Manulife Financial has a 12-month low of $30.49 and a 12-month high of $45.33. The business’s fifty day simple moving average is $42.96 and its 200-day simple moving average is $39.26.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter last year, the business posted $0.95 EPS. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that Manulife Financial will post 3.08 EPS for the current fiscal year.

Institutional Trading of Manulife Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MFC. Basepoint Wealth LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $25,000. Addison Advisors LLC purchased a new position in shares of Manulife Financial in the 2nd quarter valued at $25,000. First Bancorp Inc ME acquired a new stake in Manulife Financial during the 2nd quarter worth $26,000. POM Investment Strategies LLC acquired a new stake in Manulife Financial during the 2nd quarter worth $26,000. Finally, Hantz Financial Services Inc. purchased a new stake in Manulife Financial in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Company Profile

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.