Royal Bank Of Canada Cuts Manulife Financial (NYSE:MFC) Price Target to $49.00

Key Points

• Royal Bank Of Canada reduced its target price for Manulife Financial from $51.00 to $49.00, indicating a potential upside of 63.03% from its current price.
• Shares of Manulife Financial recently traded at $30.06, with a 52-week range between $24.77 and $33.07, and the company reported an earnings miss of $0.69 per share against an expectation of $0.71.
• Institutional investors collectively own 52.56% of Manulife Financial, with significant stake increases from firms like Vanguard Group Inc. and TD Asset Management Inc. in recent quarters.

Manulife Financial (NYSE:MFC - Free Report) TSE: MFC had its price target lowered by Royal Bank Of Canada from $51.00 to $49.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the financial services provider's stock.

Separately, Morgan Stanley set a $46.00 target price on Manulife Financial in a report on Monday, May 19th.

Manulife Financial Stock Up 0.9%

Shares of MFC traded up $0.26 during mid-day trading on Friday, reaching $30.16. The company's stock had a trading volume of 151,104 shares, compared to its average volume of 2,283,090. The business has a fifty day moving average of $31.16 and a 200 day moving average of $30.55. The company has a market cap of $51.22 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01. Manulife Financial has a 1 year low of $25.09 and a 1 year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The business had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period in the prior year, the firm earned $0.91 EPS. On average, analysts predict that Manulife Financial will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be issued a $0.3199 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Wednesday, August 20th. Manulife Financial's dividend payout ratio is currently 57.14%.

Hedge Funds Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MUFG Securities EMEA plc increased its stake in shares of Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider's stock worth $204,544,000 after purchasing an additional 5,699,999 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Manulife Financial by 134.3% in the first quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider's stock worth $263,046,000 after purchasing an additional 4,840,963 shares in the last quarter. TD Asset Management Inc increased its position in Manulife Financial by 6.6% during the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock worth $1,155,639,000 after buying an additional 2,289,205 shares during the last quarter. Geode Capital Management LLC increased its position in Manulife Financial by 19.4% during the second quarter. Geode Capital Management LLC now owns 14,008,595 shares of the financial services provider's stock worth $453,798,000 after buying an additional 2,276,251 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Manulife Financial by 30.0% during the first quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider's stock worth $300,860,000 after buying an additional 2,226,152 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

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.