Manulife Financial (NYSE:MFC) Lowered to Strong Sell Rating by Zacks Research

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

MFC has been the topic of a number of other research reports. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday, May 14th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Wednesday. Finally, Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $51.50.

Manulife Financial Stock Performance

NYSE MFC opened at $43.29 on Wednesday. Manulife Financial has a one year low of $29.70 and a one year high of $43.37. The company’s 50 day moving average price is $39.86 and its 200 day moving average price is $37.68. The firm has a market capitalization of $71.94 billion, a price-to-earnings ratio of 17.18 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The business had revenue of $8.89 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period last year, the firm earned $0.99 earnings per share. Sell-side analysts forecast that Manulife Financial will post 3.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Manulife Financial

Institutional investors have recently made changes to their positions in the business. Basepoint Wealth LLC purchased a new position in shares of Manulife Financial during the 4th quarter valued at approximately $25,000. Hantz Financial Services Inc. bought a new stake in shares of Manulife Financial in the fourth quarter worth $28,000. Canerector Inc. raised its holdings in Manulife Financial by 27.0% in the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 170,000 shares in the last quarter. Sfam LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $28,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Manulife Financial during the 1st quarter valued at $29,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.