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 report sent to investors on Monday morning, The Fly reports.

A number of other brokerages have also commented on MFC. Canaccord Genuity reiterated a buy rating and set a $35.00 price target on shares of Manulife Financial in a report on Thursday, February 13th. ValuEngine upgraded shares of Manulife Financial from a strong sell rating to a sell rating in a report on Tuesday, February 25th. Zacks Investment Research lowered 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. Barclays lifted their price target on shares of Manulife Financial from $27.00 to $32.00 and gave the stock an overweight rating in a report on Monday, January 13th. Finally, Credit Suisse Group began coverage on shares of Manulife Financial in a 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. The company has a consensus rating of Hold and an average target price of $29.00.

Manulife Financial stock traded up $0.33 during mid-day trading on Monday, reaching $12.08. The company had a trading volume of 4,975,600 shares, compared to its average volume of 2,996,703. Manulife Financial has a fifty-two week low of $8.62 and a fifty-two week high of $21.23. The company has a market cap of $20.89 billion, a P/E ratio of 5.78, a P/E/G ratio of 0.48 and a beta of 1.36. The business has a fifty day simple moving average of $16.12 and a 200 day simple moving average of $18.50.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates 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 quarter last year, the firm posted $0.65 EPS. Sell-side analysts predict that Manulife Financial will post 2.23 earnings per share for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in MFC. Tobias Financial Advisors Inc. bought a new position in Manulife Financial during the fourth quarter worth $29,000. PSI Advisors LLC bought a new position in Manulife Financial during the fourth quarter worth $30,000. Assetmark Inc. raised its stake in Manulife Financial by 1,766.7% during the fourth quarter. Assetmark Inc. now owns 1,792 shares of the financial services provider’s stock worth $36,000 after buying an additional 1,696 shares during the last quarter. Chevy Chase Trust Holdings Inc. bought a new position in Manulife Financial during the fourth quarter worth $41,000. Finally, Carmichael Hill & Associates Inc. bought a new position in Manulife Financial during the fourth quarter worth $47,000. 49.11% of the stock is owned by institutional investors and hedge funds.

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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