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

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares hit 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 changing hands. The stock had previously closed at C$36.29.

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

Insider Buying and Selling at Manulife Financial

In other news, Director Philip James Witherington sold 97,640 shares of Manulife Financial stock in a transaction on 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 related news, Director Rocco Gori sold 48,640 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of C$35.25, for a total value of C$1,714,560.00. Also, Director Philip James Witherington sold 97,640 shares of the firm’s stock in a transaction 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. Over the last 90 days, insiders have sold 157,878 shares of company stock valued at $5,557,706. Insiders own 0.02% of the company’s stock.

Manulife Financial Trading Up 0.4 %

The firm has a market cap of C$65.57 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 12.56 and a beta of 1.10. The business has a 50 day moving average of C$34.79 and a 200 day moving average of C$32.27. The company has a quick ratio of 2.58, a current ratio of 29.14 and a debt-to-equity ratio of 48.44.

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 (EPS) for the quarter, topping the consensus estimate of C$0.90 by C$0.04. The company had revenue of C$12.80 billion for the quarter, compared to analysts’ expectations of C$12.13 billion. Manulife Financial had a net margin of 18.29% and a return on equity of 10.48%. On average, research analysts forecast that Manulife Financial Co. will post 3.6078629 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.60 annualized dividend and a yield of 4.39%. Manulife Financial’s dividend payout ratio (DPR) is presently 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.