Manulife Financial (TSE:MFC) Hits New 1-Year High After Analyst Upgrade

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares reached a new 52-week high during trading on Wednesday after Jefferies Financial Group raised their price target on the stock from C$42.00 to C$47.00. Jefferies Financial Group currently has a buy rating on the stock. Manulife Financial traded as high as C$42.05 and last traded at C$41.80, with a volume of 3156373 shares traded. The stock had previously closed at C$41.82.

A number of other equities research analysts have also recently commented on the company. National Bankshares increased their price target on Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Royal Bank of Canada lifted their target price on shares of Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. TD Securities upped their price target on shares of Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, July 12th. Scotiabank raised their price target on shares of Manulife Financial from C$40.00 to C$41.00 in a report on Friday, August 9th. Finally, Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$39.64.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Senior Officer Steve Finch sold 11,599 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of C$35.73, for a total value of C$414,439.23. In other Manulife Financial news, Director Rocco Gori sold 48,345 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$1,727,395.86. Also, Senior Officer Steve Finch sold 11,599 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$414,439.23. In the last quarter, insiders sold 68,821 shares of company stock worth $2,455,596. Insiders own 0.03% of the company’s stock.

Manulife Financial Stock Up 0.0 %

The company has a quick ratio of 2.58, a current ratio of 36.68 and a debt-to-equity ratio of 49.60. The business has a 50-day simple moving average of C$38.27 and a 200-day simple moving average of C$35.99. The company has a market cap of C$74.66 billion, a PE ratio of 17.95, a P/E/G ratio of 1.01 and a beta of 1.06.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. The firm had revenue of C$12.88 billion for the quarter, compared to analyst estimates of C$12.27 billion. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%. Equities research analysts anticipate that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.79%. Manulife Financial’s dividend payout ratio is currently 68.09%.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.