Manulife Financial (NYSE:MFC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Manulife Financial (NYSE:MFCGet Free Report) (TSE:MFC) issued its earnings results on Wednesday. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01, Zacks reports. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $7.28 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year.

Manulife Financial Stock Up 0.3%

Shares of MFC traded up $0.13 on Thursday, reaching $44.58. The stock had a trading volume of 2,770,843 shares, compared to its average volume of 2,210,565. The firm has a market capitalization of $74.09 billion, a PE ratio of 17.69 and a beta of 0.84. The firm has a 50-day moving average of $41.27 and a 200 day moving average of $38.37. Manulife Financial has a twelve month low of $29.70 and a twelve month high of $45.33.

Manulife Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, August 21st will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.94 annualized dividend and a dividend yield of 4.4%. Manulife Financial’s payout ratio is 56.75%.

Hedge Funds Weigh In On Manulife Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Manulife Financial by 33.9% in the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock valued at $288,000 after buying an additional 2,376 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Manulife Financial by 179.7% in the 1st quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider’s stock worth $872,000 after buying an additional 18,222 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Manulife Financial by 18.7% in the 1st quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider’s stock worth $1,757,000 after buying an additional 8,900 shares in the last quarter. Sivia Capital Partners LLC grew its stake in Manulife Financial by 13.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider’s stock valued at $251,000 after acquiring an additional 909 shares during the last quarter. Finally, MUFG Securities EMEA plc grew its stake in Manulife Financial by 814.3% in the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock valued at $204,544,000 after acquiring an additional 5,699,999 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MFC shares. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Wednesday, July 15th. Weiss Ratings cut Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 21st. Zacks Research downgraded Manulife Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. Finally, TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.50.

Get Our Latest Stock Analysis on Manulife Financial

About Manulife Financial

(Get Free Report)

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.

See Also

Earnings History for Manulife Financial (NYSE:MFC)

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