Manulife Financial Co. (NYSE:MFC) Given Consensus Rating of “Buy” by Analysts

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have been assigned an average rating of “Buy” from the five ratings firms that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have covered the stock in the last year is $33.33.

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

Manulife Financial Trading Up 0.9 %

Shares of MFC opened at $24.47 on Thursday. The company’s 50 day simple moving average is $23.94 and its 200-day simple moving average is $21.94. Manulife Financial has a 12-month low of $17.07 and a 12-month high of $25.14. The firm has a market cap of $43.94 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. The company had revenue of $10.96 billion for the quarter, compared to analyst estimates of $7.57 billion. As a group, equities research analysts forecast that Manulife Financial will post 2.7 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were issued a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date of this dividend was Tuesday, February 27th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s dividend payout ratio is currently 61.66%.

Institutional Investors Weigh In On Manulife Financial

Several institutional investors have recently made changes to their positions in MFC. Avantax Advisory Services Inc. acquired a new stake in shares of Manulife Financial in the first quarter valued at about $244,000. Russell Investments Group Ltd. increased its holdings in Manulife Financial by 1.8% in the first quarter. Russell Investments Group Ltd. now owns 1,633,917 shares of the financial services provider’s stock valued at $40,823,000 after buying an additional 28,135 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Manulife Financial during the 1st quarter valued at approximately $253,000. Atomi Financial Group Inc. grew its holdings in shares of Manulife Financial by 26.4% in the 1st quarter. Atomi Financial Group Inc. now owns 14,844 shares of the financial services provider’s stock worth $371,000 after acquiring an additional 3,102 shares during the period. Finally, Keudell Morrison Wealth Management purchased a new position in Manulife Financial in the 1st quarter valued at approximately $207,000. 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.