Manulife Financial Co. (NYSE:MFC) Given Average Recommendation of “Buy” by Brokerages

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has been assigned a consensus recommendation of “Buy” from the five research firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $33.33.

Several research analysts have weighed in on MFC shares. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and increased their price target for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. Finally, Jefferies Financial Group began coverage on shares of Manulife Financial in a research report on Thursday, February 22nd. They issued a “buy” rating on the stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Yousif Capital Management LLC grew its position in shares of Manulife Financial by 1.5% in the first quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 460 shares in the last quarter. First Affirmative Financial Network grew its holdings in Manulife Financial by 4.5% during the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock valued at $277,000 after buying an additional 482 shares in the last quarter. Bruce G. Allen Investments LLC increased its position in shares of Manulife Financial by 73.6% during the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after buying an additional 490 shares during the period. Spire Wealth Management increased its position in shares of Manulife Financial by 28.6% during the first quarter. Spire Wealth Management now owns 2,249 shares of the financial services provider’s stock valued at $56,000 after buying an additional 500 shares during the period. Finally, Wesbanco Bank Inc. lifted its holdings in shares of Manulife Financial by 3.6% in the first quarter. Wesbanco Bank Inc. now owns 14,469 shares of the financial services provider’s stock worth $362,000 after buying an additional 506 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Price Performance

MFC opened at $24.44 on Thursday. Manulife Financial has a fifty-two week low of $17.07 and a fifty-two week high of $25.14. The firm has a market capitalization of $43.89 billion, a P/E ratio of 12.66, a PEG ratio of 0.89 and a beta of 1.08. The company’s 50-day moving average is $23.93 and its 200 day moving average is $21.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. The firm had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $7.57 billion. On average, equities research analysts expect that Manulife Financial will post 2.7 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were paid a dividend of $0.298 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. This represents a $1.19 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date was Tuesday, February 27th. Manulife Financial’s dividend payout ratio is presently 61.66%.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.