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

Key Points

• Manulife Financial shares reached a new 52-week high of C$63.02, up 1.2% in mid-day trading, with a market capitalization of approximately C$104.67 billion.
• Analysts remain broadly bullish: the stock has a consensus “Buy” rating, while several firms raised price targets to between C$69 and C$70. The consensus target is C$62.00.
• Manulife reported quarterly earnings of C$1.06 per share and C$2.15 billion in revenue, but insiders have sold 136,834 shares worth about C$7.31 million over the past 90 days.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$63.02 and last traded at C$62.89, with a volume of 1587776 shares. The stock had previously closed at C$62.26.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MFC. Jefferies Financial Group raised their price target on Manulife Financial from C$61.00 to C$70.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. National Bank Financial increased their price objective on shares of Manulife Financial from C$59.00 to C$69.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Scotiabank raised their price objective on shares of Manulife Financial from C$56.00 to C$61.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 15th. Desjardins set a C$58.00 price objective on shares of Manulife Financial and gave the company a "buy" rating in a research note on Friday, April 17th. Finally, Canadian Imperial Bank of Commerce lifted their target price on shares of Manulife Financial from C$61.00 to C$69.00 in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Manulife Financial currently has a consensus rating of "Buy" and a consensus price target of C$62.00.

Manulife Financial Trading Up 1.2%

The firm has a 50 day simple moving average of C$57.67 and a 200 day simple moving average of C$52.98. The firm has a market capitalization of C$104.67 billion, a PE ratio of 18.15, a P/E/G ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share for the quarter. The firm had revenue of C$2.15 billion during the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%. Research analysts forecast that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Insider Activity at Manulife Financial

In related news, Director Anthony Alex Silva sold 1,100 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of C$53.17, for a total value of C$58,487.00. Following the sale, the director owned 7,075 shares in the company, valued at approximately C$376,177.75. This trade represents a 13.46% decrease in their ownership of the stock. Also, Director Aimee Decamillo sold 18,000 shares of Manulife Financial stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total transaction of C$931,860.00. Following the completion of the sale, the director directly owned 4,996 shares of the company's stock, valued at approximately C$258,642.92. This trade represents a 78.27% decrease in their position. In the last 90 days, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is owned by insiders.

About Manulife Financial

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.

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