Manulife Financial (NYSE:MFC) Research Coverage Started at Barclays

Barclays assumed coverage on shares of Manulife Financial (NYSE:MFC) (TSE:MFC) in a research note issued to investors on Thursday morning, Marketbeat Ratings reports. The brokerage issued an equal weight rating on the financial services provider’s stock.

Other equities analysts also recently issued reports about the company. National Bank Financial upgraded Manulife Financial from a sector perform rating to an outperform rating in a research report on Thursday, May 9th. Dbs Bank upgraded shares of Manulife Financial to a strong-buy rating in a report on Thursday, August 8th. Finally, TD Securities upped their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the company a buy rating in a research report on Friday, June 28th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Manulife Financial presently has an average rating of Moderate Buy and an average target price of $35.67.

Manulife Financial Price Performance

MFC stock opened at $27.06 on Thursday. The stock has a market cap of $48.43 billion, a price-to-earnings ratio of 15.73, a P/E/G ratio of 1.02 and a beta of 1.09. The company has a 50 day simple moving average of $26.34 and a 200 day simple moving average of $25.32. Manulife Financial has a 1 year low of $17.07 and a 1 year high of $27.82.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The company had revenue of $9.41 billion during the quarter, compared to analysts’ expectations of $8.95 billion. During the same period in the prior year, the company earned $0.62 EPS. On average, equities research analysts anticipate that Manulife Financial will post 2.72 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Wednesday, August 21st. Manulife Financial’s dividend payout ratio is presently 66.86%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Manulife Financial in the fourth quarter valued at $473,568,000. FIL Ltd lifted its stake in shares of Manulife Financial by 750.5% in the 4th quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock valued at $218,990,000 after purchasing an additional 8,745,071 shares during the period. Toronto Dominion Bank boosted its position in shares of Manulife Financial by 57.9% during the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock valued at $582,444,000 after purchasing an additional 8,548,114 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Manulife Financial by 26.5% during the 4th quarter. TD Asset Management Inc now owns 37,066,418 shares of the financial services provider’s stock valued at $823,074,000 after purchasing an additional 7,766,870 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in Manulife Financial by 103.1% in the first quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock worth $367,025,000 after purchasing an additional 7,456,712 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

About Manulife Financial

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.