Manulife Financial Co. (NYSE:MFC) Receives $45.50 Average Price Target from Brokerages

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has earned an average recommendation of “Buy” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $45.50.

A number of analysts have recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd.

Institutional Trading of Manulife Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Crews Bank & Trust acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $26,000. Lee Danner & Bass Inc. acquired a new position in Manulife Financial in the fourth quarter worth $31,000. Stonebridge Financial Group LLC bought a new stake in Manulife Financial during the fourth quarter valued at $34,000. Golden State Wealth Management LLC acquired a new stake in shares of Manulife Financial during the fourth quarter worth $35,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial during the fourth quarter worth $35,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Down 0.8 %

Manulife Financial stock opened at $30.90 on Wednesday. The firm has a fifty day moving average of $29.82 and a 200-day moving average of $30.46. Manulife Financial has a 52-week low of $23.30 and a 52-week high of $33.07. The firm has a market capitalization of $52.92 billion, a P/E ratio of 14.93, a PEG ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The company had revenue of $1.49 billion during the quarter. During the same quarter in the previous year, the business earned $0.94 earnings per share. On average, research analysts expect that Manulife Financial will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be given a $0.3194 dividend. The ex-dividend date is Wednesday, May 21st. This represents a $1.28 annualized dividend and a dividend yield of 4.13%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. Manulife Financial’s payout ratio is presently 63.35%.

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.