Manulife Financial Corp (NYSE:MFC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) announced its earnings results on Wednesday. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.01, Morningstar.com reports. The business had revenue of $12.34 billion for the quarter, compared to analysts’ expectations of $16.09 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share.

Shares of Manulife Financial Corp (NYSE MFC) traded up 2.35% during mid-day trading on Friday, hitting $19.62. 3,083,062 shares of the stock traded hands. Manulife Financial Corp has a 12-month low of $13.10 and a 12-month high of $20.84. The firm has a market cap of $38.48 billion, a price-to-earnings ratio of 13.44 and a beta of 1.30. The firm’s 50 day moving average price is $19.62 and its 200 day moving average price is $18.37.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Tuesday, August 22nd will be given a $0.1621 dividend. This is a positive change from Manulife Financial Corp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.65 annualized dividend and a dividend yield of 3.30%. Manulife Financial Corp’s dividend payout ratio (DPR) is 43.48%.

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Several institutional investors have recently made changes to their positions in MFC. Whittier Trust Co. boosted its stake in shares of Manulife Financial Corp by 1.2% in the first quarter. Whittier Trust Co. now owns 12,018 shares of the financial services provider’s stock worth $213,000 after buying an additional 146 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Manulife Financial Corp by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 3,804,153 shares of the financial services provider’s stock valued at $67,322,000 after buying an additional 10,832 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Manulife Financial Corp by 13.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,124 shares of the financial services provider’s stock valued at $304,000 after buying an additional 1,979 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in Manulife Financial Corp during the first quarter valued at about $155,000. Finally, Acadian Asset Management LLC boosted its stake in Manulife Financial Corp by 22.9% in the first quarter. Acadian Asset Management LLC now owns 467,700 shares of the financial services provider’s stock valued at $8,273,000 after buying an additional 87,200 shares in the last quarter. Institutional investors and hedge funds own 48.27% of the company’s stock.

A number of analysts recently weighed in on the stock. BidaskClub raised shares of Manulife Financial Corp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. National Bank Financial restated a “sector perform overweight” rating on shares of Manulife Financial Corp in a research note on Wednesday, May 3rd. ValuEngine downgraded shares of Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of Manulife Financial Corp from a “sell” rating to a “hold” rating and set a $22.00 price objective on the stock in a research note on Monday, July 10th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Manulife Financial Corp presently has an average rating of “Buy” and a consensus target price of $23.33.

Manulife Financial Corp Company Profile

Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.