Analysts Set Manulife Financial Co. (NYSE:MFC) Target Price at $22.83


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Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have been given a consensus rating of “Hold” by the eleven brokerages that are covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $22.83.

Several brokerages have commented on MFC. TheStreet raised shares of Manulife Financial from a “c+” rating to a “b” rating in a research report on Tuesday, November 10th. Credit Suisse Group lifted their price objective on shares of Manulife Financial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, February 12th. CIBC lowered shares of Manulife Financial from an “outperform” rating to a “neutral” rating in a research report on Friday, February 12th. National Alliance Securities reissued a “sector perform” rating on shares of Manulife Financial in a research report on Monday, January 18th. Finally, Scotiabank boosted their price target on shares of Manulife Financial from $23.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, January 29th.

A number of large investors have recently modified their holdings of the stock. Jarislowsky Fraser Ltd grew its stake in Manulife Financial by 2.1% during the third quarter. Jarislowsky Fraser Ltd now owns 45,252,920 shares of the financial services provider’s stock valued at $627,426,000 after acquiring an additional 948,873 shares in the last quarter. FIL Ltd grew its stake in Manulife Financial by 26.6% in the 4th quarter. FIL Ltd now owns 29,329,009 shares of the financial services provider’s stock worth $521,880,000 after buying an additional 6,167,306 shares in the last quarter. Wells Fargo & Company MN grew its stake in Manulife Financial by 8.1% in the 4th quarter. Wells Fargo & Company MN now owns 14,240,243 shares of the financial services provider’s stock worth $253,762,000 after buying an additional 1,063,384 shares in the last quarter. CIBC Asset Management Inc grew its stake in Manulife Financial by 33.7% in the 4th quarter. CIBC Asset Management Inc now owns 13,737,172 shares of the financial services provider’s stock worth $243,877,000 after buying an additional 3,463,039 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in Manulife Financial by 4.5% in the 4th quarter. Toronto Dominion Bank now owns 13,184,300 shares of the financial services provider’s stock worth $245,905,000 after buying an additional 571,009 shares in the last quarter. 47.15% of the stock is owned by institutional investors.

Shares of MFC traded down $0.10 during trading hours on Tuesday, reaching $19.43. 321,219 shares of the stock traded hands, compared to its average volume of 2,828,263. The stock has a fifty day simple moving average of $18.97 and a 200 day simple moving average of $16.38. Manulife Financial has a 52 week low of $8.62 and a 52 week high of $20.03. The company has a market cap of $37.70 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 0.83 and a beta of 1.40.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Tuesday, February 9th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.02. Manulife Financial had a net margin of 7.44% and a return on equity of 11.14%. During the same quarter last year, the company earned $0.73 EPS. As a group, sell-side analysts expect that Manulife Financial will post 2.06 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 19th. Investors of record on Tuesday, February 23rd will be paid a dividend of $0.2205 per share. The ex-dividend date of this dividend is Monday, February 22nd. This represents a $0.88 annualized dividend and a yield of 4.54%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.21. Manulife Financial’s payout ratio is currently 37.50%.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, the United States, and internationally. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.

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Analyst Recommendations for Manulife Financial (NYSE:MFC)

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