Manulife Financial Co. (MFC) Receives $28.50 Consensus Price Target from Brokerages

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have received an average recommendation of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $28.50.

Several analysts recently issued reports on MFC shares. Morgan Stanley reduced their price target on shares of Manulife Financial from $27.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 11th. Zacks Investment Research raised shares of Manulife Financial from a “sell” rating to a “hold” rating in a research report on Friday, August 10th. Evercore ISI started coverage on shares of Manulife Financial in a research report on Tuesday, July 10th. They issued an “in-line” rating for the company. Finally, ValuEngine downgraded shares of Manulife Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 18th.

NYSE MFC traded up $0.13 during mid-day trading on Thursday, hitting $17.70. The company’s stock had a trading volume of 1,337,685 shares, compared to its average volume of 1,497,460. Manulife Financial has a twelve month low of $17.44 and a twelve month high of $22.16. The company has a market cap of $34.64 billion, a P/E ratio of 10.35, a PEG ratio of 0.86 and a beta of 1.28.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, August 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.21. Manulife Financial had a net margin of 4.22% and a return on equity of 12.69%. The business had revenue of $10.59 billion during the quarter. During the same period in the previous year, the business posted $0.57 EPS. sell-side analysts anticipate that Manulife Financial will post 2.03 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Shareholders of record on Tuesday, August 21st will be issued a dividend of $0.169 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.82%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Monday, August 20th. Manulife Financial’s payout ratio is currently 39.77%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Schroder Investment Management Group boosted its holdings in Manulife Financial by 3.2% during the 2nd quarter. Schroder Investment Management Group now owns 530,093 shares of the financial services provider’s stock worth $13,705,000 after acquiring an additional 16,488 shares during the last quarter. Bank of Nova Scotia boosted its holdings in Manulife Financial by 3.9% during the 2nd quarter. Bank of Nova Scotia now owns 14,379,238 shares of the financial services provider’s stock worth $258,275,000 after acquiring an additional 537,871 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Manulife Financial by 129.1% during the 2nd quarter. Verition Fund Management LLC now owns 37,727 shares of the financial services provider’s stock worth $678,000 after acquiring an additional 21,263 shares during the last quarter. Jane Street Group LLC boosted its holdings in Manulife Financial by 22.5% during the 2nd quarter. Jane Street Group LLC now owns 576,308 shares of the financial services provider’s stock worth $10,356,000 after acquiring an additional 105,930 shares during the last quarter. Finally, Forsta AP Fonden purchased a new position in Manulife Financial during the 2nd quarter worth $6,620,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.

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Analyst Recommendations for Manulife Financial (NYSE:MFC)

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