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

Key Points

• Manulife Financial shares broke above their 200-day moving average, reaching C$61.51 before closing at C$60.64 on trading volume of about 2.8 million shares.
• Analysts remain broadly bullish: the stock has a consensus “Buy” rating and an average price target of C$66.00, with several firms recently raising their targets to between C$68.00 and C$70.00.
• Manulife reported quarterly EPS of C$1.09 on C$20.34 billion in revenue and pays a quarterly dividend of C$0.485, equivalent to an annualized C$1.94 and a 3.2% yield.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$56.24 and traded as high as C$61.51. Manulife Financial shares last traded at C$60.64, with a volume of 2,785,309 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MFC shares. BMO Capital Markets lifted their target price on shares of Manulife Financial from C$67.00 to C$70.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Jefferies Financial Group increased their target price on shares of Manulife Financial from C$61.00 to C$70.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce raised their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Scotiabank boosted their price target 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. Finally, Desjardins upped their price objective on shares of Manulife Financial from C$63.00 to C$68.00 and gave the company a "buy" rating in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Manulife Financial presently has a consensus rating of "Buy" and an average price target of C$66.00.

Manulife Financial Price Performance

The company has a quick ratio of 2.58, a current ratio of 2.36 and a debt-to-equity ratio of 26.52. The company has a market cap of C$100.47 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 1.01 and a beta of 0.60. The stock's 50-day simple moving average is C$61.05 and its 200 day simple moving average is C$56.24.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. Manulife Financial had a net margin of 11.62% and a return on equity of 12.98%. The business had revenue of C$20.34 billion for the quarter. On average, equities research analysts anticipate that Manulife Financial Co. will post 3.6104452 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

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

Insider Transactions at Manulife Financial

In other Manulife Financial news, insider Patrick David Graham sold 6,843 shares of the company's stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$62.06, for a total transaction of C$424,676.58. 0.03% of the stock is currently 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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