Manulife Financial (NYSE:MFC) Price Target Raised to $51.00

Manulife Financial (NYSE:MFC) (TSE:MFC) had its price target boosted by Royal Bank of Canada from $49.00 to $51.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

Manulife Financial Price Performance

Shares of NYSE:MFC 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. The company has a market capitalization of $52.32 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.11 and a beta of 1.09. Manulife Financial has a fifty-two week low of $22.61 and a fifty-two week high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. Equities research analysts expect that Manulife Financial will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders 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 of this dividend is Wednesday, March 5th. Manulife Financial’s dividend payout ratio is currently 59.42%.

Institutional Investors Weigh In On Manulife Financial

A number of institutional investors and hedge funds have recently made changes to their positions in MFC. Brooklyn Investment Group bought a new stake in Manulife Financial in the third quarter valued at approximately $26,000. Crews Bank & Trust acquired a new stake in shares of Manulife Financial during the fourth quarter worth $26,000. Capital Performance Advisors LLP bought a new stake in shares of Manulife Financial in the third quarter valued at about $30,000. Fortitude Family Office LLC bought a new stake in Manulife Financial in the 3rd quarter valued at about $31,000. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $31,000. 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.