Manulife Financial (NYSE: MFC) Receives Medium Analyst Rating of “Hold”


Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) has been awarded a consensus recommendation of “Hold” by the thirteen analysts who cover the stock, reports One equity research analyst rated the stock with a sell recommendation, six gave the company a hold recommendation and two gave the company a buy recommendation. The 12-month average target price among brokers who updated their coverage on the stock in the past year is $29.43.

A number of equity research analysts have weighed in on the company recently. Scotiabank lowered its price target on Manulife Financial from C$28.00 to C$27.00 in a Friday, May 13 report. National Bank Financial reduced its price target on Manulife Financial from C$26.00 to C$25.00 in a Tuesday, July 19 research report. downgraded Manulife Financial from a “buy” rating to a “hold” rating in a Tuesday, May 17 report. BMO Capital Markets downgraded Manulife Financial’s rating from an “outperform” rating to a “market performance” rating in a Thursday, May 12, report. Finally, Canaccord Genuity Group downgraded Manulife Financial from a “buy” rating to a “hold” rating in a Friday, May 13 research report.

Hedge funds weigh on Manulife Financial

A number of institutional investors and hedge funds have recently changed their positions in the stock. AE Wealth Management LLC increased its stake in Manulife Financial shares by 67.2% during the 4th quarter. AE Wealth Management LLC now owns 29,872 shares of the financial services provider worth $570,000 after buying 12,011 additional shares in the last quarter. Van ECK Associates Corp increased its stake in Manulife Financial shares by 14.6% in the fourth quarter. Van ECK Associates Corp now owns 38,413 shares of the financial services provider worth $733,000 after buying an additional 4,895 shares last quarter. Janney Montgomery Scott LLC increased its position in Manulife Financial by 29.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 50,755 shares of the financial services provider valued at $968,000 after purchasing an additional 11,404 shares during the period. DGS Capital Management LLC acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $350,000. Finally, Allspring Global Investments Holdings LLC purchased a new equity stake in Manulife Financial in the fourth quarter at a value of $370,000. Institutional investors hold 47.04% of the company’s shares.

Manulife Financial Price Performance

NYSE MFC opened at $17.66 on Tuesday. The company has a market capitalization of $33.88 billion, a P/E ratio of 4.75, a P/E/G ratio of 0.70 and a beta of 1.20. Manulife Financial has a 1-year low of $16.27 and a 1-year high of $22.19. The company’s 50-day simple moving average is $17.55 and its 200-day simple moving average is $19.41.

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last released its quarterly results on Wednesday, May 11. The financial services provider reported EPS of $0.61 for the quarter, missing the consensus estimate of $0.66 per ($0.05). The company posted revenue of $11.77 billion in the quarter, compared to $14.82 billion expected by analysts. On average, equity research analysts expect Manulife Financial to post 2.5 EPS for the current fiscal year.

Manulife Financial cuts dividends

The company also recently announced a quarterly dividend, which was paid on Monday, June 20. Shareholders of record on Wednesday, May 25 received a dividend of $0.257 per share. This represents an annualized dividend of $1.03 and a yield of 5.82%. The ex-dividend date was Tuesday, May 24. Manulife Financial’s payout ratio is currently 27.69%.

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.

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