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

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have received a consensus rating of “Buy” from the six research firms that are currently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $33.33.

MFC has been the topic of several research reports. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Jefferies Financial Group began coverage on shares of Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating on the stock. Finally, National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th.

Manulife Financial Stock Up 1.5 %

MFC stock opened at $26.54 on Monday. The company has a 50 day moving average of $24.49 and a two-hundred day moving average of $22.70. Manulife Financial has a 12-month low of $17.07 and a 12-month high of $26.81. The company has a market cap of $47.66 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 0.97 and a beta of 1.08.

Manulife Financial Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.37%. Manulife Financial’s payout ratio is presently 67.44%.

Institutional Trading of Manulife Financial

Several hedge funds have recently added to or reduced their stakes in MFC. Principal Financial Group Inc. boosted its position in shares of Manulife Financial by 13.5% in the third quarter. Principal Financial Group Inc. now owns 121,878 shares of the financial services provider’s stock valued at $2,237,000 after acquiring an additional 14,512 shares during the period. NBC Securities Inc. bought a new position in shares of Manulife Financial during the 3rd quarter worth about $32,000. HM Payson & Co. raised its position in shares of Manulife Financial by 693.3% during the third quarter. HM Payson & Co. now owns 2,380 shares of the financial services provider’s stock valued at $44,000 after buying an additional 2,080 shares during the last quarter. Sigma Planning Corp bought a new stake in shares of Manulife Financial in the third quarter valued at about $186,000. Finally, Wealthspire Advisors LLC increased its stake in Manulife Financial by 36.9% during the third quarter. Wealthspire Advisors LLC now owns 15,163 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 4,085 shares during the period. Institutional investors own 52.56% of the company’s stock.

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.