Brokerages Set Manulife Financial Co. (NYSE:MFC) Price Target at $33.33

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have received an average recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $33.33.

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

Manulife Financial Stock Up 1.3 %

MFC stock opened at $24.01 on Thursday. The company has a market capitalization of $43.25 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 0.88 and a beta of 1.08. Manulife Financial has a 12 month low of $17.07 and a 12 month high of $25.14. The firm has a 50 day moving average of $23.93 and a two-hundred day moving average of $21.79.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.63 by $0.05. The company had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. On average, research analysts expect 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. Stockholders of record on Wednesday, February 28th were paid a $0.298 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 4.96%. Manulife Financial’s dividend payout ratio is currently 61.66%.

Institutional Investors Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MFC. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Manulife Financial in the 3rd quarter valued at about $27,000. Anchor Investment Management LLC bought a new stake in Manulife Financial during the 4th quarter worth about $27,000. Fortis Group Advisors LLC lifted its position in Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 605 shares during the period. Trust Co. of Vermont boosted its stake in shares of Manulife Financial by 478.5% in the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 1,268 shares during the last quarter. Finally, Arlington Trust Co LLC acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds 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.