UBS Group Initiates Coverage on Manulife Financial (NYSE:MFC)

Key Points

• UBS Group has initiated coverage on Manulife Financial (NYSE:MFC) with a "buy" rating, joining other brokerages that have also issued favorable ratings.
• Manulife's stock recently traded at $31.79, with a 1-year price range of $25.92 to $33.07 and an average target price set at $48.00.
• The company reported earnings per share of $0.69 for the last quarter, slightly below analysts' expectations, and anticipates earnings of 2.87 per share for the current fiscal year.

Analysts at UBS Group began coverage on shares of Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC in a research note issued on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating on the financial services provider's stock.

Several other brokerages have also recently issued reports on MFC. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Morgan Stanley set a $47.00 price objective on shares of Manulife Financial in a research note on Tuesday, October 7th. Finally, Royal Bank Of Canada dropped their price target on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $48.00.

Manulife Financial Stock Performance

Shares of MFC traded down $0.34 during mid-day trading on Thursday, hitting $31.79. 132,865 shares of the company were exchanged, compared to its average volume of 2,220,290. Manulife Financial has a 1-year low of $25.92 and a 1-year high of $33.07. The stock has a market cap of $53.87 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 1.11 and a beta of 0.98. The company has a 50 day moving average of $31.05 and a 200-day moving average of $30.87.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $11.30 billion for the quarter. During the same period in the previous year, the company posted $0.91 earnings per share. Research analysts anticipate that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Manulife Financial

Large investors have recently made changes to their positions in the stock. Caldwell Trust Co acquired a new position in shares of Manulife Financial in the 2nd quarter worth approximately $27,000. Eastern Bank lifted its holdings in shares of Manulife Financial by 156.1% in the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider's stock worth $31,000 after acquiring an additional 590 shares during the last quarter. Winnow Wealth LLC acquired a new position in shares of Manulife Financial in the 2nd quarter worth approximately $38,000. Goodman Advisory Group LLC acquired a new position in shares of Manulife Financial in the 2nd quarter worth approximately $39,000. Finally, William B. Walkup & Associates Inc. purchased a new position in Manulife Financial in the 1st quarter valued at approximately $43,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Company Profile

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.

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