Manulife Financial (TSE:MFC) Hits New 52-Week High - Time to Buy?

Key Points

• Manulife Financial hit a new 52-week high, trading as high as C$52.98 (last C$52.97) on heavy volume of about 1.31M shares and was up roughly 1.3% intraday.
• Analysts are broadly positive — consensus rating is Buy with an average target of C$55.63 after several firms raised price targets (e.g., Scotiabank to C$56, Jefferies to C$58).
• Key fundamentals: market cap ~C$88.6B, P/E 17.2, and a quarterly dividend that annualizes to C$1.94 for a 3.7% yield with a payout ratio around 57%.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC's share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$52.98 and last traded at C$52.97, with a volume of 1308355 shares traded. The stock had previously closed at C$52.18.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MFC shares. Barclays boosted their price objective on Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, January 9th. Scotiabank lifted their price target on shares of Manulife Financial from C$55.00 to C$56.00 and gave the company an "outperform" rating in a research note on Friday, February 13th. Jefferies Financial Group increased their price objective on shares of Manulife Financial from C$54.00 to C$58.00 in a research report on Monday, February 2nd. TD Securities reduced their target price on shares of Manulife Financial from C$60.00 to C$59.00 and set a "buy" rating for the company in a research note on Thursday, February 12th. Finally, Desjardins set a C$55.00 price target on shares of Manulife Financial and gave the stock a "buy" rating in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Manulife Financial presently has a consensus rating of "Buy" and an average target price of C$55.63.

Manulife Financial Trading Up 1.3%

The company has a market cap of C$88.64 billion, a P/E ratio of 17.22, a P/E/G ratio of 1.01 and a beta of 0.71. The business's 50-day moving average price is C$48.62 and its 200 day moving average price is C$48.42. The company has a debt-to-equity ratio of 28.80, a quick ratio of 2.58 and a current ratio of 2.12.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last issued its earnings results on Wednesday, February 11th. The financial services provider reported C$1.12 earnings per share (EPS) for the quarter. Manulife Financial had a net margin of 10.91% and a return on equity of 11.34%. The business had revenue of C$22.03 billion during the quarter. As a group, analysts expect that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, March 19th were paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Wednesday, February 25th. Manulife Financial's payout ratio is currently 57.33%.

Insiders Place Their Bets

In other Manulife Financial news, Director Adam Thomas Wise sold 3,500 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of C$46.47, for a total transaction of C$162,645.00. Following the completion of the sale, the director owned 2,497 shares of the company's stock, valued at C$116,035.59. This trade represents a 58.36% decrease in their position. Company insiders own 0.03% of the company's stock.

Manulife Financial Company Profile

Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.