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

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

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

Manulife Financial Price Performance

Shares of MFC stock opened at $26.62 on Friday. The firm has a 50-day moving average of $25.41 and a 200-day moving average of $23.79. The company has a market cap of $47.64 billion, a P/E ratio of 15.48, a P/E/G ratio of 0.95 and a beta of 1.09. Manulife Financial has a one year low of $17.07 and a one year high of $26.81.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.66 by $0.04. The company had revenue of $9.49 billion during 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%. As a group, research analysts expect that Manulife Financial will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The company 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 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is 67.44%.

Institutional Trading of Manulife Financial

Institutional investors have recently bought and sold shares of the company. Anchor Investment Management LLC bought a new position in Manulife Financial during the 4th quarter valued at about $27,000. Fortis Group Advisors LLC lifted its stake in shares of Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares during the period. Trust Co. of Vermont lifted its stake in shares of Manulife Financial by 478.5% in the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 1,268 shares during the period. Bruce G. Allen Investments LLC lifted its stake in shares of Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the period. Finally, Accordant Advisory Group Inc bought a new position in shares of Manulife Financial in the 1st quarter worth approximately $30,000. 52.56% of the stock is owned by hedge funds and other 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.