Manulife Financial (TSE:MFC) Reaches New 52-Week High – Here’s Why

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s share price reached a new 52-week high on Friday . The stock traded as high as C$41.07 and last traded at C$40.96, with a volume of 882257 shares traded. The stock had previously closed at C$40.16.

Analyst Ratings Changes

Several analysts recently weighed in on MFC shares. TD Securities upped their price target on Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, July 12th. Royal Bank of Canada upped their price target on Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. Jefferies Financial Group cut their price target on Manulife Financial from C$43.00 to C$42.00 in a research note on Thursday, July 18th. Barclays set a C$39.00 target price on Manulife Financial and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Finally, Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$39.18.

Manulife Financial Trading Up 2.2 %

The stock has a fifty day moving average of C$37.08 and a 200 day moving average of C$35.48. The company has a market capitalization of C$72.62 billion, a P/E ratio of 17.46, a PEG ratio of 12.56 and a beta of 1.05. The company has a debt-to-equity ratio of 49.60, a quick ratio of 2.58 and a current ratio of 36.68.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, topping analysts’ consensus estimates of C$0.88 by C$0.03. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%. The company had revenue of C$12.88 billion for the quarter, compared to analysts’ expectations of C$12.27 billion. As a group, equities research analysts anticipate that Manulife Financial Co. will post 4.001004 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 21st were issued a $0.40 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $1.60 dividend on an annualized basis and a yield of 3.90%. Manulife Financial’s dividend payout ratio is currently 68.09%.

Insider Buying and Selling

In related news, Director Matthew Lyman Macinnis sold 6,708 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total value of C$232,566.36. In other Manulife Financial news, Director Tin Ku sold 2,166 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the sale, the director now directly owns 253 shares of the company’s stock, valued at C$9,474.85. This trade represents a 0.00 % decrease in their ownership of the stock. Also, Director Matthew Lyman Macinnis sold 6,708 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total value of C$232,566.36. In the last three months, insiders have sold 68,821 shares of company stock valued at $2,455,596. 0.03% of the stock is owned by company insiders.

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.