Manulife Financial (NYSE:MFC) Posts Earnings Results, Beats Expectations By $0.10 EPS

Manulife Financial (NYSE:MFC) (TSE:MFC) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10, Zacks reports. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%.

Manulife Financial Stock Up 2.4%

Manulife Financial stock traded up $0.82 during midday trading on Wednesday, reaching $34.36. The stock had a trading volume of 1,771,734 shares, compared to its average volume of 2,165,436. Manulife Financial has a 52-week low of $25.92 and a 52-week high of $34.50. The firm has a market cap of $57.89 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The company has a fifty day moving average of $31.89 and a 200 day moving average of $31.38.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Keel Point LLC purchased a new position in Manulife Financial during the 2nd quarter worth $200,000. Modern Wealth Management LLC purchased a new position in shares of Manulife Financial in the 2nd quarter worth approximately $227,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Manulife Financial during the second quarter worth $227,000. Sivia Capital Partners LLC boosted its holdings in Manulife Financial by 13.1% in the second quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider’s stock worth $251,000 after acquiring an additional 909 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Manulife Financial by 13.4% during the 2nd quarter. Geneos Wealth Management Inc. now owns 8,853 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 1,045 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MFC. Royal Bank Of Canada reduced 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 report on Friday, August 8th. UBS Group began coverage on shares of Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating on the stock. Weiss Ratings reiterated a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Finally, Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $48.00.

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.