Manulife Financial (NYSE:MFC) Upgraded to Buy by TD Securities

TD Securities upgraded shares of Manulife Financial (NYSE:MFC) (TSE:MFC) to a buy rating in a research note released on Monday morning, The Fly reports.

A number of other research analysts have also issued reports on MFC. CIBC restated a buy rating and set a $29.00 target price on shares of Manulife Financial in a research report on Wednesday, December 11th. ValuEngine upgraded shares of Manulife Financial from a strong sell rating to a sell rating in a research report on Tuesday, February 25th. Barclays increased their target price on shares of Manulife Financial from $27.00 to $32.00 and gave the stock an overweight rating in a research report on Monday, January 13th. Canaccord Genuity reiterated a buy rating and set a $35.00 price target on shares of Manulife Financial in a research report on Thursday, February 13th. Finally, Credit Suisse Group assumed coverage on shares of Manulife Financial in a research report on Friday, February 7th. They set a neutral rating and a $29.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Manulife Financial presently has an average rating of Hold and a consensus price target of $29.00.

Manulife Financial stock traded up $1.01 during trading hours on Monday, hitting $11.75. The company had a trading volume of 4,842,900 shares, compared to its average volume of 2,962,583. The firm has a market cap of $24.41 billion, a PE ratio of 5.62, a PEG ratio of 0.40 and a beta of 1.36. Manulife Financial has a one year low of $8.62 and a one year high of $21.23. The firm has a 50-day moving average of $16.28 and a 200 day moving average of $18.53.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 12th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.17. Manulife Financial had a net margin of 7.04% and a return on equity of 13.03%. The firm had revenue of $8.46 billion for the quarter. During the same quarter in the previous year, the company earned $0.65 EPS. Equities analysts expect that Manulife Financial will post 2.23 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Tuesday, February 25th were paid a $0.212 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.19. The ex-dividend date was Monday, February 24th. This represents a $0.85 annualized dividend and a yield of 7.22%. Manulife Financial’s dividend payout ratio is presently 37.95%.

A number of large investors have recently modified their holdings of MFC. FMR LLC lifted its stake in Manulife Financial by 26.7% in the 1st quarter. FMR LLC now owns 7,705 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,624 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co bought a new position in shares of Manulife Financial during the third quarter valued at $6,149,000. Voya Investment Management LLC raised its stake in shares of Manulife Financial by 51.2% during the third quarter. Voya Investment Management LLC now owns 30,555 shares of the financial services provider’s stock valued at $561,000 after acquiring an additional 10,345 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in shares of Manulife Financial by 6.0% during the third quarter. Pictet Asset Management Ltd. now owns 705,579 shares of the financial services provider’s stock valued at $12,950,000 after acquiring an additional 39,800 shares during the last quarter. Finally, Schafer Cullen Capital Management Inc raised its stake in shares of Manulife Financial by 5.9% during the third quarter. Schafer Cullen Capital Management Inc now owns 2,218,267 shares of the financial services provider’s stock valued at $40,727,000 after acquiring an additional 123,741 shares during the last quarter. 49.11% of the stock is owned by institutional investors and hedge funds.

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, and the United States. 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.

Further Reading: Example of operating income, EBIT and EBITDA

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Analyst Recommendations for Manulife Financial (NYSE:MFC)

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