Manulife Financial (NYSE:MFC) Stock Price Up 7.8% Following Strong Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC)’s stock price was up 7.8% on Thursday following a stronger than expected earnings report. The company traded as high as $32.05 and last traded at $32.10. Approximately 687,765 shares changed hands during trading, a decline of 64% from the average daily volume of 1,933,674 shares. The stock had previously closed at $29.78.

The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 16.15%. The business had revenue of $9.31 billion during the quarter.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.3094 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial’s payout ratio is 59.42%.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Manulife Financial has an average rating of “Buy” and an average target price of $45.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Crews Bank & Trust bought a new stake in shares of Manulife Financial during the 4th quarter worth $26,000. Brooklyn Investment Group acquired a new stake in shares of Manulife Financial in the 3rd quarter valued at approximately $26,000. Capital Performance Advisors LLP acquired a new stake in shares of Manulife Financial in the 3rd quarter valued at approximately $30,000. Lee Danner & Bass Inc. acquired a new stake in shares of Manulife Financial in the 4th quarter valued at approximately $31,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Manulife Financial in the 3rd quarter valued at approximately $31,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Down 4.6 %

The business’s 50 day moving average price is $30.32 and its two-hundred day moving average price is $29.75. The company has a market capitalization of $52.32 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.04 and a beta of 1.09.

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.