Manulife Financial (NYSE:MFC) Reaches New 1-Year High – Time to Buy?

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) hit a new 52-week high during trading on Wednesday . The stock traded as high as $35.63 and last traded at $35.4980, with a volume of 1729498 shares. The stock had previously closed at $35.22.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MFC shares. Royal Bank Of Canada raised their price objective on Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, November 14th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Morgan Stanley set a $47.00 price objective on Manulife Financial in a report on Tuesday, October 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Manulife Financial in a report on Monday, December 1st. Finally, UBS Group initiated coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They issued a “buy” rating on the stock. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $49.50.

Manulife Financial Stock Performance

The stock has a market cap of $59.63 billion, a PE ratio of 15.76 and a beta of 0.83. The stock has a fifty day moving average price of $33.47 and a 200 day moving average price of $31.91.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $12.90 billion for the quarter. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.During the same quarter in the previous year, the company posted $1.00 EPS. As a group, equities analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be issued a $0.44 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, November 26th. This represents a $1.76 annualized dividend and a dividend yield of 5.0%. Manulife Financial’s dividend payout ratio (DPR) is 55.56%.

Institutional Trading of Manulife Financial

Several institutional investors have recently added to or reduced their stakes in MFC. Root Financial Partners LLC bought a new position in shares of Manulife Financial during the third quarter valued at approximately $25,000. Caldwell Trust Co bought a new position in Manulife Financial in the 2nd quarter valued at $27,000. Eastern Bank increased its stake in Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 590 shares during the period. American Wealth Advisors LLC bought a new stake in shares of Manulife Financial during the third quarter worth $36,000. Finally, Winnow Wealth LLC purchased a new stake in shares of Manulife Financial during the second quarter valued at $38,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Company Profile

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.