Manulife Financial Corp (NYSE:MFC – Get Free Report) (TSE:MFC) has been assigned a consensus recommendation of “Buy” from the seven brokerages that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $51.50.
A number of equities research analysts have commented on the company. TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Wednesday, April 29th. Finally, Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th.
View Our Latest Report on Manulife Financial
Manulife Financial Stock Up 1.1%
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The business had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same period in the prior year, the business earned $0.99 earnings per share. Sell-side analysts anticipate that Manulife Financial will post 3.2 earnings per share for the current fiscal year.
Manulife Financial Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a yield of 4.8%. Manulife Financial’s dividend payout ratio (DPR) is currently 56.35%.
Institutional Investors Weigh In On Manulife Financial
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rathbones Group PLC lifted its position in shares of Manulife Financial by 0.9% in the first quarter. Rathbones Group PLC now owns 107,799 shares of the financial services provider’s stock worth $3,702,000 after buying an additional 949 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Manulife Financial by 34.8% in the first quarter. Parallel Advisors LLC now owns 9,285 shares of the financial services provider’s stock worth $320,000 after buying an additional 2,398 shares in the last quarter. First Nebraska Trust Co purchased a new stake in shares of Manulife Financial in the first quarter worth about $377,000. Glenmede Trust Co. NA lifted its position in shares of Manulife Financial by 2.5% in the first quarter. Glenmede Trust Co. NA now owns 18,462 shares of the financial services provider’s stock worth $636,000 after buying an additional 450 shares in the last quarter. Finally, Summitry LLC increased its stake in Manulife Financial by 4.3% in the 1st quarter. Summitry LLC now owns 18,650 shares of the financial services provider’s stock worth $642,000 after acquiring an additional 769 shares during the last quarter. 52.56% of the stock is owned by institutional investors.
About Manulife Financial
Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.
In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.
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