Manulife Financial (NYSE:MFC) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Manulife Financial from “hold” to “strong sell,” marking a notably bearish analyst call on the stock.
• Despite that downgrade, the broader analyst view remains more positive: Manulife still has a consensus “Buy” rating and a price target of $51.50, with several firms reiterating or upgrading their ratings.
• The stock was trading up 0.5% at $43.29, near its 52-week high, and the company recently reported Q1 EPS of $0.77, slightly below estimates.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts have also weighed in on MFC. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Wednesday. Weiss Ratings upgraded shares of Manulife Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, May 28th. Finally, TD Securities reaffirmed a "buy" rating on shares of Manulife Financial in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $51.50.

Manulife Financial Trading Up 0.5%

Manulife Financial stock opened at $43.29 on Wednesday. The stock has a market cap of $71.94 billion, a PE ratio of 17.18 and a beta of 0.84. The stock has a 50-day moving average price of $39.86 and a 200 day moving average price of $37.68. Manulife Financial has a 52 week low of $29.70 and a 52 week high of $43.37.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.79 by ($0.02). Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The firm had revenue of $8.89 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter last year, the company posted $0.99 earnings per share. On average, equities analysts predict that Manulife Financial will post 3.03 EPS for the current year.

Hedge Funds Weigh In On Manulife Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Basepoint Wealth LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $25,000. Hantz Financial Services Inc. acquired a new stake in shares of Manulife Financial during the 4th quarter worth $28,000. Canerector Inc. raised its position in shares of Manulife Financial by 27.0% in the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider's stock worth $28,000 after buying an additional 170,000 shares during the period. Sfam LLC purchased a new position in shares of Manulife Financial in the 4th quarter worth $28,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Manulife Financial in the first quarter valued at $29,000. Institutional investors and hedge funds own 52.56% of the company's stock.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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