Manulife Financial (TSE:MFC) Reaches New 52-Week High Following Analyst Upgrade

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during 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.

Other analysts have also recently issued reports about the company. National Bank Financial upgraded Manulife Financial from a “sector perform market weight” rating to an “outperform market weight” rating in a report on Wednesday, May 8th. National Bankshares upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from C$34.00 to C$38.00 in a report on Thursday, May 9th. BMO Capital Markets increased their price target on Manulife Financial from C$40.00 to C$41.00 in a report on Friday, May 10th. CIBC increased their price target on Manulife Financial from C$34.00 to C$36.00 in a report on Friday, May 10th. Finally, Evercore upped their target price on Manulife Financial from C$36.00 to C$37.00 in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$37.50.

Insider Activity

In related news, Director Philip James Witherington sold 97,640 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of C$35.17, for a total transaction of C$3,433,852.34. In other Manulife Financial news, Senior Officer Steve Finch sold 11,598 shares of Manulife Financial stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of C$35.29, for a total value of C$409,293.42. Also, Director Philip James Witherington sold 97,640 shares of Manulife Financial stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of C$35.17, for a total value of C$3,433,852.34. In the last 90 days, insiders sold 157,878 shares of company stock worth $5,557,706. 0.02% of the stock is currently owned by insiders.

Manulife Financial Trading Up 0.4 %

The stock has a market capitalization of C$65.57 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 12.56 and a beta of 1.10. The stock has a 50-day moving average price of C$34.60 and a two-hundred day moving average price of C$32.18. The company has a debt-to-equity ratio of 48.44, a quick ratio of 2.58 and a current ratio of 29.14.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, May 8th. The financial services provider reported C$0.94 earnings per share for the quarter, beating the consensus estimate of C$0.90 by C$0.04. Manulife Financial had a return on equity of 10.48% and a net margin of 18.29%. The company had revenue of C$12.80 billion for the quarter, compared to analyst estimates of C$12.13 billion. On average, research analysts forecast that Manulife Financial Co. will post 3.6078629 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

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

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.