Brokerages Set Manulife Financial Corp (NYSE:MFC) Target Price at $51.50

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) has been given a consensus rating of “Buy” by the six analysts that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $51.50.

Several brokerages have commented on MFC. Canadian Imperial Bank of Commerce upgraded shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research report on Thursday, January 8th. Royal Bank Of Canada restated an “outperform” rating on shares of Manulife Financial in a research report on Friday, February 13th. Morgan Stanley set a $51.00 price objective on Manulife Financial in a research note on Monday, December 15th. Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, February 13th. Finally, Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Thursday, February 5th.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $33.62 on Tuesday. Manulife Financial has a one year low of $25.92 and a one year high of $38.72. The company has a 50 day moving average of $35.80 and a 200-day moving average of $34.67. The stock has a market cap of $56.35 billion, a price-to-earnings ratio of 15.14 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.04. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. The business had revenue of $11.32 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Equities research analysts anticipate that Manulife Financial will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Wednesday, February 25th were paid a $0.485 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.8%. Manulife Financial’s dividend payout ratio (DPR) is currently 63.96%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Root Financial Partners LLC bought a new position in Manulife Financial in the third quarter valued at approximately $25,000. Basepoint Wealth LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth $25,000. Caldwell Trust Co acquired a new stake in shares of Manulife Financial during the second quarter worth $27,000. Hantz Financial Services Inc. acquired a new stake in shares of Manulife Financial during the fourth quarter worth $28,000. Finally, Sfam LLC bought a new stake in Manulife Financial in the 4th quarter valued at $28,000. Institutional investors own 52.56% of the company’s stock.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.