Manulife Financial (NYSE: MFC) Receives Consensus “Holdback” Recommendation From Brokerages

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Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) has earned an average rating of “Hold” from the twelve research firms that currently cover the stock, MarketBeat.com reports. One financial analyst gave the stock a sell rating, five gave the company a hold rating and two gave the company a buy rating. The average 1-year price target among brokerages that have reported on the stock in the past year is $29.00.

A number of research companies have recently commented on MFC. Desjardins raised its target price on Manulife Financial from C$24.00 to C$25.00 in a Monday, August 15 research note. Scotiabank upgraded Manulife Financial from an “sector outperformer” rating to an “sector outperformer” rating in a Wednesday, July 27 research note. Finally, National Bank Financial reduced its price target on Manulife Financial from CA$26.00 to CA$25.00 in a Tuesday, July 19 research note.

Manulife Financial Institutional Trading

Hedge funds have recently been buying and selling stocks. Prospera Financial Services Inc acquired a new stake in Manulife Financial during the first quarter at a value of $26,000. Meeder Asset Management Inc. acquired a new stake in Manulife Financial during the first quarter for a value of $27,000. Artemis Wealth Advisors LLC purchased a new equity stake in Manulife Financial during Q2 for $30,000. Tradition Wealth Management LLC increased its holdings of Manulife Financial shares by 173.9% during the first quarter. Tradition Wealth Management LLC now owns 1,991 shares of the financial services provider valued at $43,000 after buying an additional 1,264 shares in the last quarter. Finally, MCF Advisors LLC acquired a new equity stake in Manulife Financial during the 1st quarter for a value of $43,000. Hedge funds and other institutional investors hold 44.50% of the company’s shares.

Manulife Financial Price Performance

MFC shares opened at $15.92 on Friday. Manulife Financial has a 1-year low of $15.48 and a 1-year high of $22.19. The stock’s 50-day simple moving average is $17.45 and its two-hundred-day simple moving average is $18.29. The company has a market capitalization of $30.22 billion, a PE ratio of 5.20, a growth price-earnings ratio of 0.65 and a beta of 1.15.

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last released quarterly earnings data on Wednesday, August 10. The financial services provider reported earnings per share (EPS) of $0.61 for the quarter, beating analyst consensus estimates of $0.60 by $0.01. The company posted revenue of $12.04 billion for the quarter, versus $11.51 billion expected by analysts. In the same quarter last year, the company earned earnings per share of $0.68. Equity research analysts expect Manulife Financial to post EPS of 2.51 for the current year.

Manulife Financial increases its dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 19. Investors of record on Tuesday, August 23 received a dividend of $0.258. The ex-dividend date was Monday, August 22. This represents an annualized dividend of $1.03 and a yield of 6.48%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s dividend payout ratio is 33.66%.

About Manulife Financial

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Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States and internationally. The Company operates through wealth and asset management businesses; Insurance and annuity products; And the Corporate and Other segments. The Wealth and Asset Management Business segment provides mutual funds and exchange-traded funds, group retirement and savings products and institutional asset management services through agents and from company-affiliated broker-dealers, securities brokerage firms and financial advisers, pension plan consultants and banks.

Further reading

Analyst Recommendations for Manulife Financial (NYSE: MFC)

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