Manulife Financial (NYSE:MFC) Downgraded to “Strong Sell” at ValuEngine

ValuEngine lowered shares of Manulife Financial (NYSE:MFC) (TSE:MFC) from a sell rating to a strong sell rating in a report released on Thursday morning, ValuEngine reports.

Separately, Zacks Investment Research upgraded Manulife Financial from a hold rating to a buy rating and set a $20.00 target price for the company in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $25.67.

Manulife Financial stock traded up $0.51 during mid-day trading on Thursday, hitting $18.16. 1,395,506 shares of the company were exchanged, compared to its average volume of 1,388,331. The business has a fifty day moving average of $17.52 and a 200 day moving average of $17.69. Manulife Financial has a 1-year low of $13.33 and a 1-year high of $18.87. The company has a market capitalization of $37.42 billion, a PE ratio of 8.61, a price-to-earnings-growth ratio of 0.80 and a beta of 1.42.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.01). Manulife Financial had a return on equity of 13.27% and a net margin of 9.36%. The company had revenue of $16.60 billion for the quarter. During the same period in the prior year, the company earned $0.70 EPS. Research analysts anticipate that Manulife Financial will post 2.21 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Tuesday, August 20th were paid a $0.189 dividend. The ex-dividend date was Monday, August 19th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.13. This represents a $0.76 dividend on an annualized basis and a dividend yield of 4.16%. Manulife Financial’s dividend payout ratio (DPR) is 36.02%.

Several large investors have recently made changes to their positions in MFC. Beutel Goodman & Co Ltd. increased its stake in shares of Manulife Financial by 47.2% in the second quarter. Beutel Goodman & Co Ltd. now owns 11,541,544 shares of the financial services provider’s stock valued at $209,752,000 after buying an additional 3,699,874 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Manulife Financial by 79.5% in the second quarter. JPMorgan Chase & Co. now owns 7,779,325 shares of the financial services provider’s stock valued at $141,194,000 after buying an additional 3,445,544 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in shares of Manulife Financial by 11.9% in the second quarter. EdgePoint Investment Group Inc. now owns 31,778,893 shares of the financial services provider’s stock valued at $577,555,000 after buying an additional 3,380,483 shares in the last quarter. Prudential PLC increased its stake in shares of Manulife Financial by 217.7% in the second quarter. Prudential PLC now owns 4,099,032 shares of the financial services provider’s stock valued at $74,144,000 after buying an additional 2,808,819 shares in the last quarter. Finally, National Pension Service acquired a new stake in Manulife Financial in the second quarter worth about $59,865,000. Institutional investors own 46.13% of the company’s stock.

Manulife Financial Company Profile

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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