Manulife Financial (NYSE:MFC) Sets New 52-Week High – Should You Buy?

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $40.08 and last traded at $39.9550, with a volume of 1344385 shares. The stock had previously closed at $39.32.

Analysts Set New Price Targets

Several research firms have recently commented on MFC. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, April 29th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Finally, Weiss Ratings downgraded Manulife Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $51.50.

Manulife Financial Stock Up 1.1%

The company has a market capitalization of $66.91 billion, a price-to-earnings ratio of 18.02 and a beta of 0.87. The business’s 50-day moving average is $35.98 and its 200-day moving average is $35.75.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The company had revenue of $11.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the company posted $1.03 earnings per share. As a group, analysts expect that Manulife Financial Corp will post 3.22 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were issued a $0.485 dividend. The ex-dividend date of this dividend was Wednesday, February 25th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 dividend on an annualized basis and a yield of 4.8%. Manulife Financial’s dividend payout ratio is presently 63.96%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MFC. Basepoint Wealth LLC acquired a new position in shares of Manulife Financial in the fourth quarter worth about $25,000. Hantz Financial Services Inc. acquired a new position in shares of Manulife Financial in the fourth quarter worth about $28,000. Sfam LLC acquired a new position in shares of Manulife Financial in the fourth quarter worth about $28,000. Root Financial Partners LLC acquired a new position in shares of Manulife Financial in the third quarter worth about $25,000. Finally, Heritage Wealth Advisors acquired a new position in shares of Manulife Financial in the fourth quarter worth about $30,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.