Manulife Financial (NYSE:MFC) Price Target Raised to $51.00 at Royal Bank of Canada

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

Manulife Financial Stock Performance

Manulife Financial stock opened at $30.36 on Friday. Manulife Financial has a 52 week low of $22.61 and a 52 week high of $33.07. The stock has a market capitalization of $52.32 billion, a P/E ratio of 14.67, a PEG ratio of 1.04 and a beta of 1.09. The stock has a 50-day simple moving average of $30.32 and a 200 day simple moving average of $29.75.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a return on equity of 16.15% and a net margin of 10.08%. The business had revenue of $9.31 billion during the quarter. 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. Investors of record on Wednesday, March 5th will be issued a dividend of $0.3094 per share. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 4.08%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is presently 59.42%.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of MFC. Franklin Resources Inc. boosted its holdings in shares of 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 worth $61,426,000 after acquiring an additional 279,418 shares during the period. Sanctuary Advisors LLC boosted its holdings in shares of Manulife Financial by 148.9% during the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after acquiring an additional 43,877 shares during the period. AEGON ASSET MANAGEMENT UK Plc boosted its holdings in shares of 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 worth $2,719,000 after acquiring an additional 11,509 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Manulife Financial during the third quarter worth approximately $13,318,000. Finally, DRW Securities LLC bought a new stake in shares of Manulife Financial during the third quarter worth approximately $1,008,000. 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.