Analysts Set Manulife Financial Co. (NYSE:MFC) PT at $33.33

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has received an average rating of “Buy” from the five brokerages that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $33.33.

MFC has been the subject of a number of analyst reports. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $31.00 to $35.00 in a research note on Thursday, February 15th. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, Jefferies Financial Group initiated coverage on Manulife Financial in a research note on Thursday, February 22nd. They issued a “buy” rating for the company.

Manulife Financial Stock Performance

MFC opened at $24.01 on Thursday. Manulife Financial has a fifty-two week low of $17.07 and a fifty-two week high of $25.14. The company has a market capitalization of $43.25 billion, a P/E ratio of 12.44, a P/E/G ratio of 0.88 and a beta of 1.08. The stock has a fifty day moving average of $23.93 and a 200-day moving average of $21.79.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. The business had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $7.57 billion. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. On average, equities research analysts predict that Manulife Financial will post 2.7 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.298 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.19 annualized dividend and a yield of 4.96%. Manulife Financial’s payout ratio is presently 61.66%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bruce G. Allen Investments LLC raised its stake in Manulife Financial by 73.6% during the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 490 shares in the last quarter. Accordant Advisory Group Inc bought a new stake in shares of Manulife Financial during the first quarter worth about $30,000. Anchor Investment Management LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth about $27,000. Fortis Group Advisors LLC grew its holdings in shares of Manulife Financial by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares during the last quarter. Finally, Creekmur Asset Management LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth about $30,000. Institutional investors and hedge funds 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.