Manulife Financial (TSE:MFC) Reaches New 52-Week High at $37.58

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s stock price hit a new 52-week high on Thursday . The stock traded as high as C$37.58 and last traded at C$37.24, with a volume of 1519271 shares traded. The stock had previously closed at C$37.32.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MFC. National Bankshares boosted their price objective on Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Scotiabank increased their price objective on shares of Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, August 9th. TD Securities lifted their target price on shares of Manulife Financial from C$40.00 to C$41.00 in a research report on Friday, July 12th. BMO Capital Markets upped their target price on shares of Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, May 10th. Finally, Jefferies Financial Group cut their price target on shares of Manulife Financial from C$43.00 to C$42.00 in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Manulife Financial currently has a consensus rating of “Moderate Buy” and an average target price of C$39.18.

Manulife Financial Stock Down 1.4 %

The firm has a fifty day moving average price of C$36.03 and a 200 day moving average price of C$34.56. The firm has a market capitalization of C$65.38 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 12.56 and a beta of 1.06. The company has a current ratio of 36.68, a quick ratio of 2.58 and a debt-to-equity ratio of 49.60.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, topping analysts’ consensus estimates of C$0.88 by C$0.03. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%. The company had revenue of C$12.88 billion for the quarter, compared to analyst estimates of C$12.27 billion. Sell-side analysts anticipate that Manulife Financial Co. will post 3.6883768 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Wednesday, August 21st. Manulife Financial’s payout ratio is presently 68.09%.

Insiders Place Their Bets

In other news, Director Matthew Lyman Macinnis sold 6,708 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. In related news, Director Rocco Gori sold 48,345 shares of Manulife Financial stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of C$35.73, for a total value of C$1,727,395.86. Also, Director Matthew Lyman Macinnis sold 6,708 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. Over the last three months, insiders sold 68,821 shares of company stock valued at $2,455,596. 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.