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

Key Points

• Manulife Financial shares crossed above their 200-day moving average, reaching $43.43 and last trading at $42.93, compared with a 200-day average of $40.65.
• Analysts remain broadly positive, with an average rating of “Buy” and an average price target of $59.00; RBC raised its target to $67.00.
• The company reported quarterly EPS of $0.79, slightly above estimates, and paid a quarterly dividend of C$0.48, representing an annualized yield of approximately 4.5%.

Manulife Financial Corp (NYSE:MFC - Get Free Report) TSE: MFC's stock price passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $40.65 and traded as high as $43.43. Manulife Financial shares last traded at $42.93, with a volume of 1,402,315 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Zacks Research upgraded shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada increased their target price on Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Weiss Ratings upgraded Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research report on Wednesday, August 19th. TD Securities reaffirmed a "buy" rating on shares of Manulife Financial in a research note on Thursday, August 6th. Finally, Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $59.00.

Manulife Financial Trading Down 0.0%

The firm has a market cap of $71.23 billion, a PE ratio of 16.02 and a beta of 0.84. The firm has a fifty day simple moving average of $43.65 and a two-hundred day simple moving average of $40.65.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The firm had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $7.28 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The business's revenue was up 7.3% compared to the same quarter last year. Equities analysts expect that Manulife Financial Corp will post 3 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, August 21st were issued a C$0.48 dividend. The ex-dividend date was Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.5%. Manulife Financial's dividend payout ratio is 51.49%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Nova Scotia bought a new position in Manulife Financial in the second quarter worth about $594,832,000. Canada Pension Plan Investment Board bought a new stake in shares of Manulife Financial in the 2nd quarter worth approximately $495,841,000. Legal & General Group Plc bought a new position in shares of Manulife Financial during the second quarter valued at $430,039,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock valued at $402,969,000 after purchasing an additional 7,577,711 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Manulife Financial during the second quarter valued at approximately $230,451,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

About Manulife Financial

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.

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