Manulife Financial (TSE:MFC) Hits New 1-Year High – Should You Buy?

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during trading on Wednesday . The stock traded as high as C$58.00 and last traded at C$57.72, with a volume of 937056 shares changing hands. The stock had previously closed at C$57.54.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. TD reduced their price target on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. National Bank Financial raised their price objective on Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Finally, Desjardins set a C$58.00 price target on Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$57.00.

Manulife Financial Stock Down 0.4%

The stock has a market capitalization of C$95.44 billion, a PE ratio of 16.51, a PEG ratio of 1.01 and a beta of 0.73. The business’s 50-day moving average is C$53.13 and its two-hundred day moving average is C$50.72.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. The company had revenue of C$2.15 billion for the quarter. Manulife Financial had a return on equity of 12.65% and a net margin of 11.97%. As a group, analysts anticipate that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eileen Cloherty sold 6,500 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total value of C$347,425.00. Following the completion of the transaction, the director owned 3,412 shares in the company, valued at C$182,371.40. This trade represents a 65.58% decrease in their ownership of the stock. Also, Director Aimee Decamillo sold 18,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of C$51.77, for a total transaction of C$931,860.00. Following the completion of the sale, the director owned 4,996 shares in the company, valued at C$258,642.92. This represents a 78.27% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 136,834 shares of company stock worth $7,311,659. Company insiders own 0.03% of the company’s stock.

About Manulife Financial

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.