Manulife Financial (NYSE:MFC) Given New $40.00 Price Target at TD Securities

Manulife Financial (NYSE:MFC) (TSE:MFC) had its price objective increased by TD Securities from $38.00 to $40.00 in a research report report published on Friday, Benzinga reports. TD Securities currently has a buy rating on the financial services provider’s stock.

Separately, National Bank Financial upgraded shares of Manulife Financial from a sector perform rating to an outperform rating in a report on Thursday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $35.00.

Manulife Financial Stock Performance

MFC stock opened at $26.62 on Friday. The company has a market capitalization of $47.64 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09. Manulife Financial has a one year low of $17.07 and a one year high of $26.81. The company’s 50 day moving average price is $25.41 and its two-hundred day moving average price is $23.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. The firm had revenue of $9.49 billion for the quarter, compared to analysts’ expectations of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. On average, research analysts predict that Manulife Financial will post 2.74 EPS for the current year.

Manulife Financial Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.29 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 annualized dividend and a yield of 4.36%. Manulife Financial’s payout ratio is presently 67.44%.

Institutional Trading of Manulife Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in shares of Manulife Financial by 27.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,568 shares of the financial services provider’s stock worth $200,000 after buying an additional 1,845 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Manulife Financial by 10.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 2,088,842 shares of the financial services provider’s stock valued at $51,084,000 after purchasing an additional 200,426 shares in the last quarter. Cetera Advisors LLC boosted its position in Manulife Financial by 90.4% during the first quarter. Cetera Advisors LLC now owns 99,602 shares of the financial services provider’s stock valued at $2,489,000 after purchasing an additional 47,303 shares in the last quarter. Cetera Investment Advisers boosted its position in Manulife Financial by 386.1% during the first quarter. Cetera Investment Advisers now owns 144,854 shares of the financial services provider’s stock valued at $3,620,000 after purchasing an additional 115,053 shares in the last quarter. Finally, Invst LLC bought a new stake in Manulife Financial during the first quarter valued at about $220,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Company Profile

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.