Manulife Financial (MFC) Lowered to “C+” at TheStreet

TheStreet downgraded shares of Manulife Financial (NYSE:MFC) (TSE:MFC) from a b- rating to a c+ rating in a research report report published on Monday.

MFC has been the topic of a number of other reports. Desjardins reissued a buy rating on shares of Manulife Financial in a report on Tuesday. Evercore ISI initiated coverage on shares of Manulife Financial in a report on Tuesday, July 10th. They set an in-line rating on the stock. ValuEngine cut shares of Manulife Financial from a sell rating to a strong sell rating in a report on Thursday, August 2nd. Morgan Stanley lowered their price target on shares of Manulife Financial from $27.00 to $26.00 and set an equal weight rating for the company in a research report on Wednesday, July 11th. Finally, Zacks Investment Research lowered shares of Manulife Financial from a hold rating to a sell rating in a research report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Manulife Financial currently has an average rating of Buy and a consensus price target of $25.67.

Shares of NYSE:MFC opened at $15.46 on Monday. The firm has a market cap of $35.48 billion, a price-to-earnings ratio of 9.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.29. Manulife Financial has a 1-year low of $15.17 and a 1-year high of $22.16.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.21. The company had revenue of $10.59 billion for the quarter. Manulife Financial had a net margin of 4.22% and a return on equity of 12.69%. During the same period last year, the company posted $0.57 earnings per share. Sell-side analysts anticipate that Manulife Financial will post 2.03 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 19th. Stockholders of record on Tuesday, August 21st were given a dividend of $0.169 per share. The ex-dividend date of this dividend was Monday, August 20th. This represents a $0.68 annualized dividend and a dividend yield of 4.37%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.13. Manulife Financial’s dividend payout ratio is currently 39.77%.

Several institutional investors have recently added to or reduced their stakes in MFC. A.R.T. Advisors LLC grew its position in shares of Manulife Financial by 84.0% during the first quarter. A.R.T. Advisors LLC now owns 61,100 shares of the financial services provider’s stock worth $1,135,000 after acquiring an additional 27,900 shares during the last quarter. Element Capital Management LLC bought a new position in shares of Manulife Financial during the first quarter worth about $319,000. Ladenburg Thalmann Financial Services Inc. grew its position in shares of Manulife Financial by 25.7% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 36,007 shares of the financial services provider’s stock worth $669,000 after acquiring an additional 7,358 shares during the last quarter. LPL Financial LLC grew its position in shares of Manulife Financial by 11.1% during the first quarter. LPL Financial LLC now owns 56,575 shares of the financial services provider’s stock worth $1,051,000 after acquiring an additional 5,645 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its position in Manulife Financial by 5.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 901,365 shares of the financial services provider’s stock valued at $16,747,000 after buying an additional 47,887 shares in the last quarter. Institutional investors and hedge funds own 46.12% of the company’s stock.

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 through insurance agents, brokers, banks, financial planners, and direct marketing.

Read More: Retained Earnings

Analyst Recommendations for Manulife Financial (NYSE:MFC)

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