Manulife Financial (NYSE:MFC) Lifted to “Buy” at TD Securities

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

MFC has been the topic of a number of other reports. CIBC reaffirmed a buy rating and issued a $29.00 target price on shares of Manulife Financial in a report on Wednesday, December 11th. Canaccord Genuity reissued a buy rating and issued a $35.00 price target on shares of Manulife Financial in a report on Thursday, February 13th. Zacks Investment Research cut shares of Manulife Financial from a buy rating to a hold rating and set a $20.00 price target on the stock. in a report on Friday, November 29th. Credit Suisse Group assumed coverage on shares of Manulife Financial in a report on Friday, February 7th. They issued a neutral rating and a $29.00 price target on the stock. Finally, Barclays increased their price target on shares of Manulife Financial from $27.00 to $32.00 and gave the company an overweight rating in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $29.00.

Shares of MFC stock traded up $0.33 on Monday, reaching $12.08. The stock had a trading volume of 4,975,600 shares, compared to its average volume of 2,996,703. The firm’s 50-day moving average is $16.12 and its two-hundred day moving average is $18.50. The firm has a market capitalization of $20.89 billion, a price-to-earnings ratio of 5.78, a P/E/G ratio of 0.48 and a beta of 1.36. Manulife Financial has a 12 month low of $8.62 and a 12 month high of $21.23.

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

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Tuesday, February 25th were issued a $0.212 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.19. This represents a $0.85 annualized dividend and a yield of 7.02%. The ex-dividend date of this dividend was Monday, February 24th. Manulife Financial’s dividend payout ratio is currently 37.95%.

A number of institutional investors have recently added to or reduced their stakes in MFC. Norges Bank bought a new position in Manulife Financial in the 4th quarter valued at about $432,646,000. FIL Ltd raised its holdings in Manulife Financial by 971.7% in the 4th quarter. FIL Ltd now owns 20,715,424 shares of the financial services provider’s stock valued at $420,514,000 after acquiring an additional 18,782,464 shares during the period. M&G Investment Management Ltd. bought a new position in Manulife Financial in the 4th quarter valued at about $93,537,000. Credit Suisse AG raised its holdings in Manulife Financial by 175.9% in the 4th quarter. Credit Suisse AG now owns 6,924,750 shares of the financial services provider’s stock valued at $140,502,000 after acquiring an additional 4,414,587 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Manulife Financial by 97.2% in the 4th quarter. Acadian Asset Management LLC now owns 8,276,050 shares of the financial services provider’s stock valued at $168,230,000 after acquiring an additional 4,078,800 shares during the period. 49.11% of the stock is currently owned by hedge funds and other institutional investors.

About Manulife Financial

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.

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Analyst Recommendations for Manulife Financial (NYSE:MFC)

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