Manulife Financial (NYSE:MFC) Posts Earnings Results, Beats Expectations By $0.10 EPS

Manulife Financial (NYSE:MFC) (TSE:MFC) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10, Zacks reports. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.

Manulife Financial Trading Up 2.4%

NYSE:MFC traded up $0.82 during mid-day trading on Wednesday, hitting $34.36. The stock had a trading volume of 1,771,734 shares, compared to its average volume of 2,165,436. Manulife Financial has a twelve month low of $25.92 and a twelve month high of $34.50. The stock has a 50-day simple moving average of $31.89 and a two-hundred day simple moving average of $31.38. The company has a market capitalization of $57.89 billion, a PE ratio of 15.34, a PEG ratio of 1.13 and a beta of 0.98.

Analyst Ratings Changes

Several research firms recently commented on MFC. UBS Group assumed coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating on the stock. Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Royal Bank Of Canada dropped their price target on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Finally, Morgan Stanley set a $47.00 price objective on shares of Manulife Financial in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $48.00.

Institutional Investors Weigh In On Manulife Financial

Institutional investors have recently added to or reduced their stakes in the business. MUFG Securities EMEA plc lifted its holdings in shares of Manulife Financial by 814.3% during the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after purchasing an additional 5,699,999 shares during the period. Man Group plc boosted its stake in shares of Manulife Financial by 65.3% during the 2nd quarter. Man Group plc now owns 3,017,539 shares of the financial services provider’s stock worth $96,334,000 after acquiring an additional 1,191,894 shares in the last quarter. Qube Research & Technologies Ltd increased its position in shares of Manulife Financial by 62.6% in the second quarter. Qube Research & Technologies Ltd now owns 1,115,113 shares of the financial services provider’s stock valued at $35,652,000 after buying an additional 429,111 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Manulife Financial by 3.5% during the 2nd quarter. Raymond James Financial Inc. now owns 565,724 shares of the financial services provider’s stock valued at $18,081,000 after acquiring an additional 19,315 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Manulife Financial by 67.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 431,436 shares of the financial services provider’s stock worth $13,789,000 after purchasing an additional 174,263 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

About Manulife Financial

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.