Brokerages Set Manulife Financial Co. (NYSE:MFC) Price Target at $29.78

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) has been given a consensus recommendation of “Hold” by the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $29.78.

MFC has been the topic of a number of recent analyst reports. CIBC lowered shares of Manulife Financial from a “neutral” rating to a “sector underperform” rating in a report on Thursday, December 16th. Credit Suisse Group boosted their price objective on shares of Manulife Financial from C$26.00 to C$28.00 and gave the company a “neutral” rating in a research report on Tuesday, November 16th. TD Securities boosted their price objective on shares of Manulife Financial from C$36.00 to C$37.00 and gave the company a “buy” rating in a research report on Tuesday, November 16th. National Bank Financial boosted their price objective on shares of Manulife Financial from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research report on Wednesday, November 17th. Finally, Scotiabank boosted their price objective on shares of Manulife Financial from C$28.00 to C$30.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 16th.

Shares of NYSE MFC traded up $0.02 during midday trading on Friday, reaching $20.70. The company’s stock had a trading volume of 2,366,908 shares, compared to its average volume of 3,276,131. The company has a 50 day moving average price of $19.25 and a 200 day moving average price of $19.46. Manulife Financial has a one year low of $17.66 and a one year high of $22.25. The company has a market cap of $40.21 billion, a price-to-earnings ratio of 7.64, a price-to-earnings-growth ratio of 0.72 and a beta of 1.33.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 3rd. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.05). The firm had revenue of $12.69 billion for the quarter. Research analysts anticipate that Manulife Financial will post 2.58 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 20th. Investors of record on Wednesday, December 1st were issued a dividend of $0.226 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.22. This represents a $0.90 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Tuesday, November 30th. Manulife Financial’s dividend payout ratio is currently 38.01%.

Several hedge funds and other institutional investors have recently bought and sold shares of MFC. Harvest Fund Management Co. Ltd bought a new stake in shares of Manulife Financial during the 2nd quarter worth $29,000. PSI Advisors LLC acquired a new position in Manulife Financial during the 3rd quarter valued at $29,000. Carolinas Wealth Consulting LLC raised its stake in Manulife Financial by 126.8% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 1,735 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 970 shares during the last quarter. Strategic Blueprint LLC acquired a new position in Manulife Financial during the 2nd quarter valued at $35,000. Finally, Sargent Bickham Lagudis LLC raised its stake in Manulife Financial by 41.0% during the 3rd quarter. Sargent Bickham Lagudis LLC now owns 1,856 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 540 shares during the last quarter. 46.54% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Company Profile

Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.

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Analyst Recommendations for Manulife Financial (NYSE:MFC)

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