Manulife Financial (TSE:MFC) Share Price Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Manulife Financial shares broke above their 200-day moving average, reaching C$60.73 and closing at C$60.55, compared with the C$56.85 long-term average.
• Analysts remain broadly optimistic, with a consensus “Buy” rating and an average price target of C$66.00; recent targets range as high as C$70.00.
• The company reported C$1.09 in quarterly earnings per share and maintains a quarterly dividend of $0.485 per share, equivalent to a 3.2% annualized yield.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC's stock price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$56.85 and traded as high as C$60.73. Manulife Financial shares last traded at C$60.55, with a volume of 1,863,971 shares traded.

Analysts Set New Price Targets

Several research analysts have commented on MFC shares. Canadian Imperial Bank of Commerce lifted their price target on Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. Scotiabank raised their target price on shares of Manulife Financial from C$56.00 to C$61.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 15th. Royal Bank Of Canada upped their price target on shares of Manulife Financial from C$55.00 to C$67.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Jefferies Financial Group increased their price target on shares of Manulife Financial from C$61.00 to C$70.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Finally, TD raised their price objective on shares of Manulife Financial from C$65.00 to C$67.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Manulife Financial has a consensus rating of "Buy" and an average price target of C$66.00.

Manulife Financial Price Performance

The company has a 50-day moving average of C$60.85 and a 200-day moving average of C$56.85. The company has a debt-to-equity ratio of 26.52, a quick ratio of 2.58 and a current ratio of 2.36. The stock has a market cap of C$100.17 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.01 and a beta of 0.59.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share for the quarter. Manulife Financial had a return on equity of 12.98% and a net margin of 11.62%. The company had revenue of C$20.34 billion during the quarter. As a group, equities research analysts predict that Manulife Financial Co. will post 3.61 earnings per share for the current year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Monday, September 21st were issued a dividend of $0.4850 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $1.94 annualized dividend and a dividend yield of 3.2%. Manulife Financial's dividend payout ratio (DPR) is currently 50.14%.

Insiders Place Their Bets

In related news, insider Patrick David Graham sold 6,843 shares of Manulife Financial stock in a transaction 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 currently owned by company 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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