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

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$42.80 and traded as high as C$43.61. Manulife Financial shares last traded at C$43.35, with a volume of 4,656,417 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MFC shares. Barclays reduced their price objective on Manulife Financial from C$49.00 to C$45.00 in a research note on Friday, April 11th. Royal Bank Of Canada set a C$51.00 price objective on Manulife Financial and gave the stock an "outperform" rating in a research note on Tuesday, April 15th. National Bankshares decreased their target price on Manulife Financial from C$49.00 to C$48.00 in a research report on Friday, July 11th. Scotiabank decreased their target price on Manulife Financial from C$53.00 to C$50.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Jefferies Financial Group decreased their target price on Manulife Financial from C$51.00 to C$46.00 in a research report on Monday, April 21st. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of C$47.88.

Manulife Financial Stock Down 2.0%

The stock has a market cap of C$73.70 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.01 and a beta of 1.06. The business has a 50-day moving average of C$42.86 and a 200-day moving average of C$42.79.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Thursday, June 19th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $1.76 dividend on an annualized basis and a yield of 4.2%. Manulife Financial's dividend payout ratio (DPR) is presently 49.79%.

Insider Activity at Manulife Financial

In other Manulife Financial news, Senior Officer Rahim Hirji sold 17,849 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of C$44.22, for a total transaction of C$789,272.07. Also, Director Aimee Decamillo sold 9,500 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of C$44.18, for a total value of C$419,748.00. Following the transaction, the director owned 739 shares in the company, valued at approximately C$32,651.98. This trade represents a 92.78% decrease in their ownership of the stock. Over the last quarter, insiders sold 62,070 shares of company stock valued at $2,744,604. Insiders own 0.03% of the company's stock.

Manulife Financial Company Profile

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.