Manulife Financial (NYSE:MFC) Announces Earnings Results, Beats Expectations By $998.21 EPS

Manulife Financial (NYSE:MFC) (TSE:MFC) released its quarterly earnings data on Wednesday. The financial services provider reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $998.21, Zacks reports. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%.

Manulife Financial Stock Down 0.5%

MFC traded down $0.19 on Wednesday, hitting $39.84. 1,831,476 shares of the company traded hands, compared to its average volume of 2,246,695. Manulife Financial has a 12-month low of $29.70 and a 12-month high of $40.41. The company has a 50 day moving average of $36.24 and a 200-day moving average of $35.92. The stock has a market capitalization of $66.62 billion, a PE ratio of 17.95 and a beta of 0.87.

Wall Street Analyst Weigh In

MFC has been the subject of several research reports. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, April 29th. Finally, Weiss Ratings cut Manulife Financial from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $51.50.

Institutional Investors Weigh In On Manulife Financial

Large investors have recently modified their holdings of the stock. Brighton Jones LLC lifted its holdings in shares of Manulife Financial by 33.9% during the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock worth $288,000 after purchasing an additional 2,376 shares during the period. Sivia Capital Partners LLC raised its position in Manulife Financial by 13.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider’s stock worth $251,000 after buying an additional 909 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in Manulife Financial during the 2nd quarter worth $227,000. Jain Global LLC acquired a new stake in shares of Manulife Financial in the 3rd quarter worth $224,000. Finally, Great Valley Advisor Group Inc. purchased a new stake in shares of Manulife Financial in the fourth quarter valued at about $223,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Company Profile

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.