Manulife Financial (TSE:MFC) Hits New 12-Month High Following Analyst Upgrade

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during mid-day trading on Friday after TD Securities raised their price target on the stock from C$38.00 to C$40.00. TD Securities currently has a buy rating on the stock. Manulife Financial traded as high as C$36.62 and last traded at C$36.56, with a volume of 509375 shares trading hands. The stock had previously closed at C$36.29.

Several other equities research analysts have also commented on the stock. National Bankshares raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from C$34.00 to C$38.00 in a research note on Thursday, May 9th. National Bank Financial raised shares of Manulife Financial from a “sector perform market weight” rating to an “outperform market weight” rating in a research note on Wednesday, May 8th. CIBC boosted their price objective on shares of Manulife Financial from C$34.00 to C$36.00 in a research note on Friday, May 10th. Evercore boosted their price objective on shares of Manulife Financial from C$36.00 to C$37.00 in a research note on Friday, May 10th. Finally, BMO Capital Markets boosted their price objective on shares of Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, May 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$37.50.

Insider Transactions at Manulife Financial

In other news, Director Philip James Witherington sold 97,640 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of C$35.17, for a total transaction of C$3,433,852.34. In other news, Director Philip James Witherington sold 97,640 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of C$35.17, for a total transaction of C$3,433,852.34. Also, Director Rocco Gori sold 48,640 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of C$35.25, for a total transaction of C$1,714,560.00. Over the last 90 days, insiders have sold 157,878 shares of company stock worth $5,557,706. Corporate insiders own 0.02% of the company’s stock.

Manulife Financial Trading Up 0.4 %

The firm has a market capitalization of C$65.57 billion, a PE ratio of 15.98, a PEG ratio of 12.56 and a beta of 1.10. The company has a quick ratio of 2.58, a current ratio of 29.14 and a debt-to-equity ratio of 48.44. The stock’s fifty day simple moving average is C$34.79 and its 200 day simple moving average is C$32.27.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, May 8th. The financial services provider reported C$0.94 EPS for the quarter, beating analysts’ consensus estimates of C$0.90 by C$0.04. Manulife Financial had a net margin of 18.29% and a return on equity of 10.48%. The business had revenue of C$12.80 billion during the quarter, compared to analysts’ expectations of C$12.13 billion. On average, sell-side analysts predict that Manulife Financial Co. will post 3.6078629 earnings per share for the current year.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.60 dividend on an annualized basis and a yield of 4.39%. Manulife Financial’s dividend payout ratio is currently 70.18%.

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.