Manulife Financial (NYSE:MFC) Sets New 12-Month High - Time to Buy?

Key Points

• Manulife shares hit a new 52-week high of $39.26 (trading up ~3.1%), with a market cap of about $65.8B and a P/E of 17.7.
• Analysts show a consensus Buy rating with an average price target of $51.50, including multiple recent "outperform" reiterations and upgrades.
• The company beat quarterly EPS estimates ($0.80 vs. $0.76) and raised its quarterly dividend to $0.485 (annualized $1.94), implying a 4.9% yield and a payout ratio near 64%.

Manulife Financial Corp (NYSE:MFC - Get Free Report) TSE: MFC shares hit a new 52-week high during trading on Thursday . The company traded as high as $39.26 and last traded at $39.2650, with a volume of 648099 shares trading hands. The stock had previously closed at $38.17.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Royal Bank Of Canada reiterated an "outperform" rating on shares of Manulife Financial in a research report on Friday, February 13th. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a "neutral" rating to an "outperform" rating in a research report on Thursday, January 8th. Weiss Ratings lowered Manulife Financial from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Finally, Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $51.50.

Manulife Financial Trading Up 3.1%

The stock has a 50 day moving average price of $35.70 and a two-hundred day moving average price of $35.51. The company has a market cap of $65.78 billion, a price-to-earnings ratio of 17.72 and a beta of 0.82.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.04. The company had revenue of $11.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same quarter in the prior year, the business posted $1.03 EPS. On average, equities analysts forecast that Manulife Financial Corp will post 3.22 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Wednesday, February 25th were paid a $0.485 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.9%. Manulife Financial's dividend payout ratio (DPR) is currently 63.96%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MFC. Brighton Jones LLC lifted its stake in shares of Manulife Financial by 33.9% in the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock valued at $288,000 after purchasing an additional 2,376 shares during the period. AQR Capital Management LLC raised its stake in Manulife Financial by 179.7% during the 1st quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider's stock worth $872,000 after buying an additional 18,222 shares during the period. Empowered Funds LLC raised its stake in Manulife Financial by 18.7% during the 1st quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider's stock worth $1,757,000 after buying an additional 8,900 shares during the period. Sivia Capital Partners LLC raised its stake 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 period. Finally, MUFG Securities EMEA plc raised its stake in Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider's stock worth $204,544,000 after buying an additional 5,699,999 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

About Manulife Financial

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.

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