Manulife Financial (TSE:MFC) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$42.67 and traded as high as C$44.93. Manulife Financial shares last traded at C$44.92, with a volume of 8,990,600 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MFC shares. Barclays raised their target price on Manulife Financial from C$40.00 to C$47.00 in a report on Monday, January 6th. CIBC raised their price target on shares of Manulife Financial from C$47.00 to C$48.00 in a research note on Friday, February 21st. Jefferies Financial Group raised their price target on Manulife Financial from C$50.00 to C$51.00 in a research note on Thursday, January 30th. Finally, TD Securities upped their price objective on Manulife Financial from C$48.00 to C$49.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$45.60.

Manulife Financial Stock Up 2.8 %

The firm has a 50 day moving average of C$43.18 and a 200-day moving average of C$42.67. The firm has a market capitalization of C$78.79 billion, a P/E ratio of 13.98, a PEG ratio of 1.01 and a beta of 1.06.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 19th were given a $0.44 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 3.92%. Manulife Financial’s payout ratio is presently 49.79%.

Insider Activity

In other news, Director Brooks Tingle sold 3,866 shares of Manulife Financial stock in a transaction dated Monday, February 24th. The stock was sold at an average price of C$43.43, for a total value of C$167,882.21. Also, Director Kenneth Michael Ross sold 3,219 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of C$44.91, for a total value of C$144,572.68. In the last quarter, insiders have sold 18,683 shares of company stock worth $816,102. Insiders own 0.03% 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.