Manulife Financial (NYSE:MFC) Reaches New 12-Month High – Time to Buy?

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $33.52 and last traded at $33.5920, with a volume of 313 shares trading hands. The stock had previously closed at $33.41.

Analysts Set New Price Targets

Several equities analysts have issued reports on MFC shares. Royal Bank Of Canada dropped their price target on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Morgan Stanley set a $47.00 target price on shares of Manulife Financial in a research note on Tuesday, October 7th. Weiss Ratings reissued a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Finally, UBS Group assumed coverage on Manulife Financial in a research report on Thursday, October 16th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $48.00.

Manulife Financial Trading Up 0.3%

The firm has a market cap of $56.59 billion, a P/E ratio of 14.96, a PEG ratio of 1.13 and a beta of 0.98. The company’s 50-day moving average is $31.78 and its two-hundred day moving average is $31.33.

Hedge Funds Weigh In On Manulife Financial

Several large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Manulife Financial during the second quarter valued at about $632,238,000. MUFG Securities EMEA plc increased its holdings in Manulife Financial by 814.3% in the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after acquiring an additional 5,699,999 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Manulife Financial by 134.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock valued at $263,046,000 after acquiring an additional 4,840,963 shares during the period. TD Asset Management Inc lifted its holdings in Manulife Financial by 6.6% during the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after purchasing an additional 2,289,205 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Manulife Financial by 19.4% during the second quarter. Geode Capital Management LLC now owns 14,008,595 shares of the financial services provider’s stock worth $453,798,000 after purchasing an additional 2,276,251 shares during the period. 52.56% of the stock is currently owned by institutional investors.

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.