Royal Bank of Canada Issues Positive Forecast for Manulife Financial (NYSE:MFC) Stock Price

Manulife Financial (NYSE:MFC) (TSE:MFC) had its price target boosted by Royal Bank of Canada from $49.00 to $51.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Manulife Financial Trading Down 4.6 %

NYSE MFC opened at $30.36 on Friday. Manulife Financial has a 1-year low of $22.61 and a 1-year high of $33.07. The company has a 50 day moving average of $30.32 and a 200-day moving average of $29.75. The company has a market cap of $52.32 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.04 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 16.15%. The company had revenue of $9.31 billion during the quarter. On average, equities research analysts forecast that Manulife Financial will post 2.88 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.3094 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.08%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s payout ratio is presently 59.42%.

Institutional Investors Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its position in Manulife Financial by 16.4% during the third quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock valued at $61,426,000 after purchasing an additional 279,418 shares in the last quarter. Sanctuary Advisors LLC raised its position in Manulife Financial by 148.9% during the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock valued at $2,382,000 after purchasing an additional 43,877 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its position in Manulife Financial by 14.9% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock valued at $2,719,000 after purchasing an additional 11,509 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in Manulife Financial during the third quarter valued at approximately $13,318,000. Finally, DRW Securities LLC acquired a new position in Manulife Financial during the third quarter valued at approximately $1,008,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.