Manulife Financial Corp. (MFC) Stock Rating Upgraded by Zacks Investment Research
Manulife Financial Corp. (NYSE:MFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Manulife Financial remains focused on improving earnings in the second half of the year and aims minimum C$4 billion in core earnings in 2016. Manulife’s deep reach in the Asian market and a growing asset management business would drive long-term earnings growth. It also holds a significant market in Canada and the Standard Life Overseas Holdings takeover broadened its share in the region. Recently, the company unveiled a new Lab of Forward Thinking (LOFT) in Singapore to offer new technological solutions for the company’s wealth, asset management, and insurance customers. However, the company’s Financial’s soft results from the U.S. division and low interest rates continue to hurt the overall performance. Additionally, recent volatile global equity markets coupled with low bond yields has largely affected the company’s capital position.”
Several other equities research analysts have also recently issued reports on MFC. Canaccord Genuity reissued a “hold” rating on shares of Manulife Financial Corp. in a research report on Monday, June 13th. BMO Capital Markets set a $21.00 price objective on shares of Manulife Financial Corp. and gave the company a “buy” rating in a research report on Friday, August 5th. TD Securities reissued a “hold” rating and issued a $19.00 price objective on shares of Manulife Financial Corp. in a research report on Wednesday, August 10th. Macquarie cut shares of Manulife Financial Corp. from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 4th. Finally, CIBC cut shares of Manulife Financial Corp. from a “sector outperform” rating to a “sector perform” rating in a research report on Thursday, August 4th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $21.00.
Manulife Financial Corp. (NYSE:MFC) traded up 2.70% during midday trading on Wednesday, hitting $14.48. 1,395,086 shares of the stock were exchanged. The company has a market cap of $28.57 billion, a PE ratio of 15.18 and a beta of 1.56. The firm’s 50 day moving average price is $13.76 and its 200 day moving average price is $13.94. Manulife Financial Corp. has a 12 month low of $10.99 and a 12 month high of $17.17.
Manulife Financial Corp. (NYSE:MFC) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Manulife Financial Corp. had a net margin of 4.37% and a return on equity of 8.97%. During the same quarter in the previous year, the firm posted $0.44 earnings per share. On average, equities research analysts forecast that Manulife Financial Corp. will post $1.34 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Tuesday, August 16th were paid a dividend of $0.141 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $0.56 annualized dividend and a dividend yield of 4.00%. Manulife Financial Corp.’s dividend payout ratio (DPR) is presently 61.96%.
Several hedge funds and other institutional investors have recently bought and sold shares of MFC. 1832 Asset Management L.P. raised its position in Manulife Financial Corp. by 15.8% in the first quarter. 1832 Asset Management L.P. now owns 40,138,043 shares of the company’s stock valued at $928,130,000 after buying an additional 5,472,614 shares during the period. Carnick & Kubik LLC purchased a new position in Manulife Financial Corp. during the first quarter valued at approximately $102,000. Aviva PLC raised its position in Manulife Financial Corp. by 2.0% in the first quarter. Aviva PLC now owns 1,073,322 shares of the company’s stock valued at $15,210,000 after buying an additional 20,579 shares during the period. M&T Bank Corp raised its position in Manulife Financial Corp. by 27.5% in the first quarter. M&T Bank Corp now owns 70,695 shares of the company’s stock valued at $999,000 after buying an additional 15,245 shares during the period. Finally, Bessemer Group Inc. raised its position in Manulife Financial Corp. by 3.4% in the first quarter. Bessemer Group Inc. now owns 31,714 shares of the company’s stock valued at $448,000 after buying an additional 1,034 shares during the period. Hedge funds and other institutional investors own 49.50% of the company’s stock.
Manulife Financial Corp. Company Profile
Manulife Financial Corporation (MFC) is a life insurance company. The Company is a holding company of The Manufacturers Life Insurance Company (MLI), a Canadian life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), a Bermuda reinsurance company. The Company’s segments, including Asia Division, Canadian Division, U.S.
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