TD Securities Boosts Manulife Financial (NYSE:MFC) Price Target to $40.00

Manulife Financial (NYSE:MFC) (TSE:MFC) had its price objective hoisted by TD Securities from $38.00 to $40.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Separately, National Bank Financial raised shares of Manulife Financial from a sector perform rating to an outperform rating in a research report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Manulife Financial presently has a consensus rating of Moderate Buy and a consensus price target of $35.00.

Manulife Financial Price Performance

NYSE MFC opened at $26.32 on Friday. The company’s 50 day simple moving average is $25.41 and its 200 day simple moving average is $23.83. The company has a market capitalization of $47.11 billion, a P/E ratio of 15.30, a PEG ratio of 0.97 and a beta of 1.09. Manulife Financial has a 12 month low of $17.07 and a 12 month high of $26.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.04. The business had revenue of $9.49 billion for the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. On average, analysts anticipate that Manulife Financial will post 2.74 earnings per share for the current year.

Manulife Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date was Tuesday, May 21st. Manulife Financial’s payout ratio is presently 67.44%.

Institutional Trading of Manulife Financial

Several large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its position in Manulife Financial by 27.4% in the first quarter. EverSource Wealth Advisors LLC now owns 8,568 shares of the financial services provider’s stock worth $200,000 after acquiring an additional 1,845 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Manulife Financial by 10.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 2,088,842 shares of the financial services provider’s stock worth $51,084,000 after acquiring an additional 200,426 shares in the last quarter. Cetera Advisors LLC grew its position in Manulife Financial by 90.4% in the first quarter. Cetera Advisors LLC now owns 99,602 shares of the financial services provider’s stock worth $2,489,000 after acquiring an additional 47,303 shares in the last quarter. Cetera Investment Advisers grew its position in Manulife Financial by 386.1% in the first quarter. Cetera Investment Advisers now owns 144,854 shares of the financial services provider’s stock worth $3,620,000 after acquiring an additional 115,053 shares in the last quarter. Finally, Invst LLC bought a new stake in Manulife Financial in the first quarter worth approximately $220,000. 52.56% of the stock is owned by institutional investors.

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.