Manulife Financial (NYSE:MFC) Hits New 1-Year High Following Earnings Beat

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s stock price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $45.95 and last traded at $45.3120, with a volume of 87,950 shares trading hands. The stock had previously closed at $44.78.

The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The company had revenue of $8.78 billion for the quarter, compared to analysts’ expectations of $7.67 billion. Manulife Financial had a net margin of 10.28% and a return on equity of 16.90%. During the same quarter last year, the company earned $1.16 EPS.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Friday, November 20th will be issued a C$0.48 dividend. The ex-dividend date is Friday, November 20th. This represents a $1.94 annualized dividend and a dividend yield of 4.4%. Manulife Financial’s payout ratio is currently 51.49%.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. Scotiabank lowered Manulife Financial from a “sector outperform” rating to a “sector perform” rating in a research note on Tuesday, October 27th. Zacks Research upgraded Manulife Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada lifted their price target on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Weiss Ratings upgraded Manulife Financial from a “buy (a)” rating to a “buy (a+)” rating in a research report on Thursday, October 8th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $58.75.

Hedge Funds Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE purchased a new stake in shares of Manulife Financial during the 2nd quarter valued at about $145,177,000. Canerector Inc. boosted its holdings in shares of Manulife Financial by 27.0% in the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after buying an additional 170,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Manulife Financial by 183.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock worth $402,969,000 after buying an additional 7,577,711 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Manulife Financial in the second quarter worth approximately $92,762,000. Finally, Swiss National Bank grew its position in Manulife Financial by 25.7% during the first quarter. Swiss National Bank now owns 5,645,600 shares of the financial services provider’s stock valued at $194,191,000 after buying an additional 1,154,200 shares during the period. 52.56% of the stock is owned by institutional investors.

Manulife Financial Price Performance

The firm’s 50-day moving average is $43.75 and its 200-day moving average is $40.12. The company has a market capitalization of $72.68 billion, a P/E ratio of 14.15 and a beta of 0.86.

About Manulife Financial

Manulife Financial Corporation is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into a diversified provider of insurance, wealth and asset management, and retirement solutions. Its common shares trade on the New York Stock Exchange under the symbol MFC.

Manulife offers life, health, and property and casualty insurance, along with retirement products, investment solutions, financial advice, and institutional asset management services.