Brokerages Set Manulife Financial Co. (NYSE:MFC) Target Price at $33.33

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have been assigned an average rating of “Buy” from the five brokerages that are currently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have covered the stock in the last year is $33.33.

Several analysts have issued reports on MFC shares. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $31.00 to $35.00 in a research note on Thursday, February 15th. Finally, Jefferies Financial Group started coverage on shares of Manulife Financial in a research report on Thursday, February 22nd. They set a “buy” rating for the company.

Manulife Financial Price Performance

NYSE:MFC opened at $24.47 on Thursday. The firm has a market cap of $43.94 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.08. The company has a 50-day moving average of $23.94 and a 200 day moving average of $21.94. Manulife Financial has a 1-year low of $17.07 and a 1-year high of $25.14.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. Sell-side analysts anticipate that Manulife Financial will post 2.7 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were paid a $0.298 dividend. The ex-dividend date was Tuesday, February 27th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. This represents a $1.19 dividend on an annualized basis and a yield of 4.87%. Manulife Financial’s dividend payout ratio (DPR) is 61.66%.

Hedge Funds Weigh In On Manulife Financial

Hedge funds have recently modified their holdings of the stock. Avantax Advisory Services Inc. acquired a new stake in Manulife Financial in the 1st quarter worth approximately $244,000. Russell Investments Group Ltd. grew its holdings in shares of Manulife Financial by 1.8% during the first quarter. Russell Investments Group Ltd. now owns 1,633,917 shares of the financial services provider’s stock valued at $40,823,000 after buying an additional 28,135 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Manulife Financial in the 1st quarter valued at $253,000. Atomi Financial Group Inc. raised its stake in Manulife Financial by 26.4% in the 1st quarter. Atomi Financial Group Inc. now owns 14,844 shares of the financial services provider’s stock worth $371,000 after acquiring an additional 3,102 shares during the last quarter. Finally, Keudell Morrison Wealth Management acquired a new stake in Manulife Financial during the 1st quarter worth about $207,000. Institutional investors and hedge funds 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.