Manulife Financial (NYSE:MFC) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Manulife Financial (NYSE:MFC) (TSE:MFC) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10, Zacks reports. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The company had revenue of $12.90 billion for the quarter. During the same period in the prior year, the firm earned $1.00 earnings per share.

Manulife Financial Stock Performance

Shares of Manulife Financial stock traded down $0.00 during trading on Friday, hitting $34.43. The company’s stock had a trading volume of 592,556 shares, compared to its average volume of 2,163,474. Manulife Financial has a 52 week low of $25.92 and a 52 week high of $35.57. The company has a fifty day simple moving average of $32.04 and a two-hundred day simple moving average of $31.42. The company has a market capitalization of $58.01 billion, a PE ratio of 15.38, a P/E/G ratio of 1.13 and a beta of 0.98.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 5.1%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, November 26th. Manulife Financial’s dividend payout ratio is currently 56.70%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Royal Bank Of Canada raised their price target on shares of Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday. Morgan Stanley set a $47.00 price target on Manulife Financial in a report on Tuesday, October 7th. Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Finally, UBS Group began coverage on shares of Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $49.50.

Hedge Funds Weigh In On Manulife Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Keel Point LLC purchased a new position in shares of Manulife Financial during the 2nd quarter worth $200,000. von Borstel & Associates Inc. purchased a new stake in shares of Manulife Financial during the 3rd quarter valued at about $201,000. Modern Wealth Management LLC bought a new stake in shares of Manulife Financial in the 2nd quarter valued at approximately $227,000. B. Riley Wealth Advisors Inc. purchased a new position in Manulife Financial during the second quarter worth $227,000. Finally, Eisler Capital Management Ltd. purchased a new position in shares of Manulife Financial during the 3rd quarter worth about $232,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.