Manulife Financial (NYSE:MFC) Reaches New 1-Year High – Still a Buy?

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $30.11 and last traded at $30.11, with a volume of 18911 shares trading hands. The stock had previously closed at $29.62.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MFC shares. Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company. TD Securities raised their price target on Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Manulife Financial has a consensus rating of “Buy” and a consensus target price of $35.67.

Manulife Financial Stock Performance

The stock has a fifty day moving average of $27.24 and a 200-day moving average of $25.99. The company has a market cap of $54.12 billion, a PE ratio of 17.58, a PEG ratio of 1.06 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The firm had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same period in the previous year, the firm earned $0.62 earnings per share. As a group, equities analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a yield of 3.84%. Manulife Financial’s dividend payout ratio is currently 66.86%.

Institutional Investors Weigh In On Manulife Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Grove Bank & Trust purchased a new position in shares of Manulife Financial during the second quarter valued at $25,000. Fortis Group Advisors LLC increased its position in Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 605 shares during the period. Bruce G. Allen Investments LLC raised its holdings in shares of Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 490 shares in the last quarter. Addison Advisors LLC lifted its position in shares of Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 467 shares during the period. Finally, HHM Wealth Advisors LLC boosted its stake in shares of Manulife Financial by 119.0% during the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 600 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

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.