Manulife Financial (NYSE:MFC) Given New $40.00 Price Target at TD Securities

Manulife Financial (NYSE:MFC) (TSE:MFC) had its price target increased by equities research analysts at TD Securities from $38.00 to $40.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Securities’ target price suggests a potential upside of 50.26% from the company’s current price.

Separately, National Bank Financial upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Manulife Financial Price Performance

Manulife Financial stock opened at $26.62 on Friday. The stock’s fifty day moving average price is $25.41 and its two-hundred day moving average price is $23.81. The firm has a market cap of $47.64 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09. Manulife Financial has a one year low of $17.07 and a one year high of $26.81.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The company had revenue of $9.49 billion during the quarter, compared to the consensus estimate of $8.85 billion. Sell-side analysts expect that Manulife Financial will post 2.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in Manulife Financial during the 4th quarter worth $473,568,000. FIL Ltd grew its position in Manulife Financial by 750.5% in the 4th quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock worth $218,990,000 after purchasing an additional 8,745,071 shares in the last quarter. Toronto Dominion Bank increased its stake in Manulife Financial by 57.9% in the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock valued at $582,444,000 after buying an additional 8,548,114 shares during the last quarter. TD Asset Management Inc lifted its position in shares of Manulife Financial by 26.5% during the 4th quarter. TD Asset Management Inc now owns 37,066,418 shares of the financial services provider’s stock worth $823,074,000 after buying an additional 7,766,870 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in shares of Manulife Financial by 103.1% in the 1st quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock worth $367,025,000 after buying an additional 7,456,712 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.