Manulife Financial (MFC) Stock Rating Reaffirmed by Zacks Investment Research
Manulife Financial (NYSE:MFC) (TSE:MFC)‘s stock had its “hold” rating reissued by Zacks Investment Research in a report issued on Tuesday.
According to Zacks, “Year to date, shares of Manulife lost narrower than that of its industry. The life insurer continues to witness new business volumes, particularly in Asia and positive net flows in its wealth and asset management businesses, boosting long-term earnings growth. It will lower its allocation to alternative long duration assets over the next 12-18 months to free up $2 billion capital. The company is hell bent on optimizing its portfolio with an objective to release $5 billion in capital by 2022. It is also targeting an expense efficiency ratio of less than 50% or $1 billion in expense savings by 2022. However, the company’s declining group benefit sales in Canada segment will weigh on its results. Moreover, volatile global equity markets coupled with low bond yields have largely hit the company’s capital position. A Zacks Rank #3 and Earnings ESP of -2.94% makes surprise prediction difficult when it reports third quarter results on Nov 7.”
A number of other equities analysts have also commented on MFC. Scotiabank reissued an “average” rating and issued a $28.00 price target on shares of Manulife Financial in a research report on Tuesday. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research report on Thursday, November 8th. Canaccord Genuity reissued a “buy” rating on shares of Manulife Financial in a research report on Friday, November 9th. ValuEngine raised shares of Manulife Financial from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 8th. Finally, Desjardins reissued a “buy” rating on shares of Manulife Financial in a research report on Tuesday, October 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Manulife Financial has an average rating of “Hold” and a consensus target price of $24.67.
Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 7th. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.25. Manulife Financial had a net margin of 5.49% and a return on equity of 13.70%. The company had revenue of $6.15 billion for the quarter. During the same period in the prior year, the business earned $0.53 EPS. On average, sell-side analysts forecast that Manulife Financial will post 2.07 EPS for the current year.
Several institutional investors have recently made changes to their positions in MFC. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of Manulife Financial in the third quarter worth $121,000. Cerebellum GP LLC acquired a new stake in shares of Manulife Financial in the third quarter worth $149,000. Truvestments Capital LLC acquired a new stake in shares of Manulife Financial in the third quarter worth $149,000. MUFG Americas Holdings Corp grew its stake in shares of Manulife Financial by 61.0% in the second quarter. MUFG Americas Holdings Corp now owns 8,343 shares of the financial services provider’s stock worth $150,000 after acquiring an additional 3,160 shares during the last quarter. Finally, ProVise Management Group LLC acquired a new stake in shares of Manulife Financial in the second quarter worth $191,000. Institutional investors and hedge funds own 45.67% of the company’s stock.
Manulife Financial Company Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.
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