Manulife Financial (TSE:MFC) Hits New 52-Week High – Here’s What Happened

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares reached a new 52-week high on Wednesday . The company traded as high as C$45.76 and last traded at C$45.70, with a volume of 2275472 shares. The stock had previously closed at C$45.38.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MFC. TD Securities increased their target price on Manulife Financial from C$45.00 to C$48.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Scotiabank increased their target price on shares of Manulife Financial from C$48.00 to C$49.00 in a research report on Friday, November 8th. CIBC raised their price objective on Manulife Financial from C$42.00 to C$46.00 in a research note on Friday, November 8th. Finally, Jefferies Financial Group boosted their price target on Manulife Financial from C$42.00 to C$47.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$42.27.

Manulife Financial Trading Up 1.8 %

The company has a debt-to-equity ratio of 49.60, a current ratio of 36.68 and a quick ratio of 2.58. The firm has a fifty day simple moving average of C$40.63 and a 200-day simple moving average of C$37.33. The firm has a market cap of C$81.83 billion, a P/E ratio of 19.66, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 19th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.60 annualized dividend and a yield of 3.46%. Manulife Financial’s dividend payout ratio (DPR) is currently 68.09%.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Director Tin Ku sold 2,166 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the completion of the transaction, the director now directly owns 253 shares of the company’s stock, valued at approximately C$9,474.85. This represents a 89.54 % decrease in their ownership of the stock. Company insiders own 0.03% of the company’s stock.

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.