Manulife Financial (TSE:MFC) Stock Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Manulife Financial's stock crossed above its 200-day moving average of C$42.58, recently reaching a high of C$42.74 during trading with a volume of over 9 million shares.
• Analysts have adjusted target prices, with the Royal Bank of Canada and National Bankshares lowering their targets, while Barclays raised theirs, leading to a consensus rating of "Moderate Buy" for the stock.
• The company announced a quarterly dividend of $0.44 per share, representing a dividend yield of 4.1% and an annualized dividend of $1.76.

Shares of Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$42.58 and traded as high as C$42.74. Manulife Financial shares last traded at C$42.73, with a volume of 9,032,624 shares traded.

Analyst Ratings Changes

MFC has been the subject of a number of research reports. Barclays increased their target price on shares of Manulife Financial from C$46.00 to C$47.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Royal Bank Of Canada dropped their price objective on Manulife Financial from C$51.00 to C$49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, National Bankshares decreased their target price on Manulife Financial from C$48.00 to C$47.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of C$47.75.

Manulife Financial Stock Down 0.6%

The company has a market cap of C$72.15 billion, a P/E ratio of 13.70, a price-to-earnings-growth ratio of 1.01 and a beta of 0.98. The firm's 50-day moving average price is C$42.21 and its 200-day moving average price is C$42.58.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 19th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.76 dividend on an annualized basis and a yield of 4.1%. Manulife Financial's payout ratio is presently 54.19%.

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.