Manulife Financial (TSE:MFC) Share Price Passes Above 200 Day Moving Average - Here's Why

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC's stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$43.03 and traded as high as C$43.86. Manulife Financial shares last traded at C$43.54, with a volume of 5,541,188 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Barclays decreased their price target on Manulife Financial from C$49.00 to C$45.00 in a research note on Friday, April 11th. Scotiabank lowered their price target on Manulife Financial from C$53.00 to C$50.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. CIBC reduced their price objective on shares of Manulife Financial from C$48.00 to C$46.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Jefferies Financial Group decreased their price target on shares of Manulife Financial from C$51.00 to C$46.00 in a report on Monday, April 21st. Finally, National Bankshares dropped their price objective on Manulife Financial from C$50.00 to C$49.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Manulife Financial has a consensus rating of "Moderate Buy" and a consensus target price of C$48.00.

Manulife Financial Price Performance

The firm has a market cap of C$74.97 billion, a P/E ratio of 13.30, a PEG ratio of 1.01 and a beta of 1.06. The company's 50 day moving average is C$43.29 and its two-hundred day moving average is C$43.03.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Thursday, June 19th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Wednesday, May 21st. Manulife Financial's payout ratio is presently 49.79%.

Insider Buying and Selling at Manulife Financial

In related news, Senior Officer Trevor Kreel sold 3,636 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of C$44.22, for a total value of C$160,781.74. Also, Director Ka Ming (Kenneth) Dai sold 1,073 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of C$42.96, for a total transaction of C$46,091.79. Insiders sold a total of 62,070 shares of company stock valued at $2,744,604 in the last quarter. 0.03% of the stock is currently owned by corporate insiders.

About Manulife Financial

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada's Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.