Brokerages Set Manulife Financial Co. (NYSE:MFC) Target Price at $45.50

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have earned an average recommendation of “Buy” from the six analysts that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $45.50.

A number of equities analysts have weighed in on MFC shares. Royal Bank of Canada boosted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd.

Manulife Financial Stock Performance

Shares of Manulife Financial stock opened at $30.36 on Friday. The firm’s 50-day simple moving average is $30.32 and its 200-day simple moving average is $29.83. Manulife Financial has a twelve month low of $22.61 and a twelve month high of $33.07. The firm has a market cap of $52.32 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion during the quarter. On average, equities analysts forecast that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm 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 dividend of $0.3094 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.08%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s payout ratio is 59.42%.

Institutional Investors Weigh In On Manulife Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. FIL Ltd grew its holdings in Manulife Financial by 21.7% during the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider’s stock valued at $1,216,880,000 after purchasing an additional 7,053,066 shares during the period. TD Asset Management Inc. boosted its holdings in shares of Manulife Financial by 0.7% in the fourth quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider’s stock valued at $1,068,654,000 after buying an additional 228,863 shares during the period. National Bank of Canada FI boosted its holdings in shares of Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock valued at $829,374,000 after buying an additional 3,329,892 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Manulife Financial by 0.9% in the fourth quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock valued at $755,367,000 after buying an additional 230,105 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in shares of Manulife Financial by 4.1% in the fourth quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider’s stock valued at $699,948,000 after buying an additional 902,466 shares during the period. 52.56% of the stock is owned by 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.