Manulife Financial's (MFC) Buy (A-) Rating Reaffirmed at Weiss Ratings

Key Points

• Manulife Financial's stock has received a reaffirmed "buy (A-)" rating from Weiss Ratings, with an average consensus price target of $48.00.
• The company's latest quarterly earnings report revealed an EPS of $0.69, missing analysts' expectations of $0.71, while generating revenues of $11.30 billion.
• Hedge funds have been actively trading shares of Manulife Financial, with institutional investors now owning 52.56% of the company's stock.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC's stock had its "buy (a-)" rating restated by stock analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada cut their target price on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley set a $47.00 target price on shares of Manulife Financial in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, Manulife Financial currently has an average rating of "Buy" and a consensus price target of $48.00.

Manulife Financial Stock Up 1.3%

Shares of Manulife Financial stock opened at $32.58 on Wednesday. The firm has a market cap of $55.21 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.07 and a beta of 0.98. Manulife Financial has a 12-month low of $25.92 and a 12-month high of $33.07. The company's fifty day simple moving average is $30.93 and its two-hundred day simple moving average is $30.84.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly 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 firm had revenue of $11.30 billion during the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same quarter in the previous year, the business posted $0.91 earnings per share. As a group, sell-side analysts expect that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Manulife Financial

Hedge funds have recently bought and sold shares of the business. Caldwell Trust Co bought a new stake in Manulife Financial during the second quarter worth about $27,000. Eastern Bank raised its holdings in Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider's stock worth $31,000 after buying an additional 590 shares during the last quarter. Winnow Wealth LLC purchased a new position in Manulife Financial in the second quarter worth about $38,000. Goodman Advisory Group LLC purchased a new position in Manulife Financial in the second quarter worth about $39,000. Finally, William B. Walkup & Associates Inc. purchased a new position in Manulife Financial in the first quarter worth about $43,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.