Manulife Financial Corp. (MFC) Stock Rating Upgraded by Zacks Investment Research
Manulife Financial Corp. (NYSE:MFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Manulife Financial remains focused on improving earnings in the second half of the year and aims minimum C$4 billion in core earnings in 2016. Manulife’s deep reach in the Asian market and a growing asset management business would drive long-term earnings growth. It also holds a significant market in Canada and the Standard Life Overseas Holdings takeover broadened its share in the region. Recently, the company unveiled a new Lab of Forward Thinking (LOFT) in Singapore to offer new technological solutions for the company’s wealth, asset management, and insurance customers. However, the company’s Financial’s soft results from the U.S. division and low interest rates continue to hurt the overall performance. Additionally, recent volatile global equity markets coupled with low bond yields has largely affected the company’s capital position.”
Several other brokerages have also issued reports on MFC. Canaccord Genuity reiterated a “hold” rating on shares of Manulife Financial Corp. in a research report on Monday, June 13th. Dundee Securities assumed coverage on shares of Manulife Financial Corp. in a research report on Wednesday, September 21st. They issued a “buy” rating for the company. CIBC lowered shares of Manulife Financial Corp. from a “sector outperform” rating to a “sector perform” rating in a research report on Thursday, August 4th. Macquarie lowered shares of Manulife Financial Corp. from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 4th. Finally, Bank of America Corp. initiated coverage on shares of Manulife Financial Corp. in a research report on Wednesday, August 24th. They set a “buy” rating for the company. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $21.00.
Shares of Manulife Financial Corp. (NYSE:MFC) traded up 2.70% on Wednesday, reaching $14.48. The company had a trading volume of 1,395,086 shares. The company’s 50-day moving average is $13.76 and its 200-day moving average is $13.94. The company has a market capitalization of $28.57 billion, a PE ratio of 15.18 and a beta of 1.56. Manulife Financial Corp. has a one year low of $10.99 and a one year high of $17.17.
Manulife Financial Corp. (NYSE:MFC) last announced its earnings results on Thursday, August 4th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. Manulife Financial Corp. had a net margin of 4.37% and a return on equity of 8.97%. During the same period last year, the firm earned $0.44 earnings per share. Equities research analysts predict that Manulife Financial Corp. will post $1.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 19th. Stockholders of record on Tuesday, August 16th were issued a dividend of $0.141 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.00%. Manulife Financial Corp.’s dividend payout ratio is currently 61.96%.
A number of institutional investors have recently added to or reduced their stakes in MFC. Lincluden Management Ltd. increased its position in Manulife Financial Corp. by 13.6% in the second quarter. Lincluden Management Ltd. now owns 1,960,695 shares of the company’s stock worth $26,807,000 after buying an additional 234,380 shares during the last quarter. Beutel Goodman & Co Ltd. increased its position in Manulife Financial Corp. by 4.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 23,510,547 shares of the company’s stock worth $319,342,000 after buying an additional 960,850 shares during the last quarter. Legal & General Group Plc increased its position in Manulife Financial Corp. by 3.3% in the first quarter. Legal & General Group Plc now owns 8,430,062 shares of the company’s stock worth $119,789,000 after buying an additional 269,306 shares during the last quarter. AMP Capital Investors Ltd increased its position in Manulife Financial Corp. by 4.7% in the first quarter. AMP Capital Investors Ltd now owns 694,137 shares of the company’s stock worth $9,900,000 after buying an additional 31,300 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Manulife Financial Corp. by 3.4% in the first quarter. Bessemer Group Inc. now owns 31,714 shares of the company’s stock worth $448,000 after buying an additional 1,034 shares during the last quarter. 49.50% of the stock is owned by institutional investors.
Manulife Financial Corp. Company Profile
Manulife Financial Corporation (MFC) is a life insurance company. The Company is a holding company of The Manufacturers Life Insurance Company (MLI), a Canadian life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), a Bermuda reinsurance company. The Company’s segments, including Asia Division, Canadian Division, U.S.
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