Manulife Financial Co. (TSE:MFC) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Manulife Financial Co. (TSE:MFC) has been given an average rating of "Moderate Buy" from eight research firms, with a target price of C$47.88.
• The company's shares recently declined by 2.0%, opening at C$42.02, and have a 12-month trading range between C$32.87 and C$46.42.
• Manulife declared a quarterly dividend of $0.44 per share, resulting in an annualized yield of 4.2% and reflecting a payout ratio of 49.79%.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC has received an average recommendation of "Moderate Buy" from the eight research firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is C$47.88.

Several brokerages recently issued reports on MFC. CIBC lowered their price target on Manulife Financial from C$48.00 to C$46.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Royal Bank Of Canada set a C$51.00 price target on shares of Manulife Financial and gave the stock an "outperform" rating in a research report on Tuesday, April 15th. Jefferies Financial Group dropped their price target on shares of Manulife Financial from C$51.00 to C$46.00 in a research report on Monday, April 21st. National Bankshares dropped their price target on shares of Manulife Financial from C$49.00 to C$48.00 in a research report on Friday, July 11th. Finally, Scotiabank dropped their price target on shares of Manulife Financial from C$53.00 to C$50.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st.

Manulife Financial Stock Down 2.0%

Shares of MFC opened at C$42.02 on Friday. Manulife Financial has a 12-month low of C$32.87 and a 12-month high of C$46.42. The firm has a market capitalization of C$73.70 billion, a price-to-earnings ratio of 13.08, a P/E/G ratio of 1.01 and a beta of 1.06. The stock's 50-day moving average price is C$42.86 and its 200 day moving average price is C$42.78.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Thursday, June 19th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial's dividend payout ratio (DPR) is currently 49.79%.

Insider Activity

In related news, Director Aimee Decamillo sold 9,500 shares of Manulife Financial stock in a transaction dated Monday, May 12th. The shares were sold at an average price of C$44.18, for a total transaction of C$419,748.00. Following the completion of the transaction, the director directly owned 739 shares of the company's stock, valued at C$32,651.98. This trade represents a 92.78% decrease in their position. Also, Senior Officer Rahim Hirji sold 17,849 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of C$44.22, for a total transaction of C$789,272.07. Insiders sold a total of 62,070 shares of company stock worth $2,744,604 over the last ninety days. Corporate insiders own 0.03% of the company's stock.

Manulife Financial Company Profile

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada's Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.

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