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

Key Points

• Manulife Financial reached a new 52-week high, trading as high as C$63.67 and closing near that level, up 2.0% on the day.
• Analyst sentiment remains positive: ten analysts rate the stock Buy and one rates it Hold, with a consensus “Moderate Buy” rating and a C$65.91 target price.
• The company reported quarterly earnings of C$1.09 per share on C$20.34 billion in revenue and maintains a quarterly dividend of $0.485 per share, equivalent to a 3.0% yield.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as C$63.67 and last traded at C$63.65, with a volume of 667,924 shares trading hands. The stock had previously closed at C$62.53.

Wall Street Analysts Forecast Growth

Several analysts have commented on MFC shares. TD raised their target price on shares of Manulife Financial from C$65.00 to C$67.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Scotia upped their target price on shares of Manulife Financial from C$61.00 to C$67.00 and gave the company a "sector outperform" rating in a report on Friday, August 7th. Barclays increased their price objective on shares of Manulife Financial from C$56.00 to C$59.00 and gave the company an "equal weight" rating in a research report on Thursday, August 6th. Desjardins lifted their target price on Manulife Financial from C$63.00 to C$68.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Finally, Jefferies Financial Group raised their target price 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. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Manulife Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of C$65.91.

Manulife Financial Trading Up 2.0%

The firm has a market cap of C$105.46 billion, a P/E ratio of 17.28, a PEG ratio of 1.01 and a beta of 0.59. The firm's fifty day moving average is C$60.83 and its two-hundred day moving average is C$57.63. The company has a quick ratio of 2.58, a current ratio of 2.36 and a debt-to-equity ratio of 26.52.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last released its earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share for the quarter. The firm had revenue of C$20.34 billion for the quarter. Manulife Financial had a net margin of 11.62% and a return on equity of 12.98%. Analysts predict that Manulife Financial Co. will post 3.61 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Monday, September 21st were issued a dividend of $0.4850 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, August 21st. Manulife Financial's payout ratio is presently 50.14%.

Insider Activity at Manulife Financial

In other news, insider Patrick David Graham sold 6,843 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of C$62.06, for a total value of C$424,676.58. 0.03% of the stock is owned by insiders.

Manulife Financial Company Profile

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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