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

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

Manulife Financial Price Performance

Shares of NYSE:MFC traded up $0.13 during mid-day trading on Thursday, reaching $44.58. 2,948,278 shares of the company traded hands, compared to its average volume of 2,211,758. The company’s 50 day moving average price is $41.27 and its 200-day moving average price is $38.37. The firm has a market cap of $74.09 billion, a PE ratio of 17.69 and a beta of 0.84. Manulife Financial has a 52 week low of $29.70 and a 52 week high of $45.33.

Manulife Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, August 21st will be paid a $0.485 dividend. 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 dividend payout ratio (DPR) is 56.75%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MFC shares. Zacks Research downgraded shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a report on Thursday. Finally, Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Manulife Financial has an average rating of “Buy” and an average price target of $51.50.

Institutional Trading of Manulife Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sumitomo Life Insurance Co. grew its position in shares of Manulife Financial by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 27,206 shares of the financial services provider’s stock valued at $987,000 after buying an additional 329 shares during the last quarter. Haven Private LLC lifted its position in Manulife Financial by 3.4% in the fourth quarter. Haven Private LLC now owns 10,290 shares of the financial services provider’s stock valued at $373,000 after acquiring an additional 336 shares during the last quarter. Vident Advisory LLC boosted its stake in Manulife Financial by 0.8% in the fourth quarter. Vident Advisory LLC now owns 50,610 shares of the financial services provider’s stock valued at $1,836,000 after acquiring an additional 417 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Manulife Financial by 2.9% during the fourth quarter. Principal Securities Inc. now owns 16,014 shares of the financial services provider’s stock worth $581,000 after purchasing an additional 447 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of Manulife Financial by 25.2% during the fourth quarter. UMB Bank n.a. now owns 2,502 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 503 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Company Profile

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.