Manulife Financial (NYSE:MFC) Sets New 12-Month High at $29.28

Manulife Financial Co. (NYSE:MFC) (TSE:MFC)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $29.28 and last traded at $29.23, with a volume of 67494 shares. The stock had previously closed at $29.21.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. TD Securities upped their price objective on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Barclays began coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating for the company. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.67.

Manulife Financial Price Performance

The company has a 50 day simple moving average of $26.67 and a 200-day simple moving average of $25.69. The stock has a market capitalization of $51.72 billion, a P/E ratio of 16.98, a price-to-earnings-growth ratio of 1.06 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The company had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same quarter in the previous year, the firm posted $0.62 earnings per share. As a group, equities analysts forecast that Manulife Financial Co. will post 2.72 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s payout ratio is 67.44%.

Hedge Funds Weigh In On Manulife Financial

Several hedge funds have recently bought and sold shares of MFC. Yousif Capital Management LLC boosted its holdings in Manulife Financial by 1.5% in the 1st quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 460 shares during the period. Indiana Trust & Investment Management CO grew its position in Manulife Financial by 22.2% during the second quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider’s stock worth $68,000 after buying an additional 462 shares in the last quarter. Addison Advisors LLC grew its position in Manulife Financial by 77.2% during the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after buying an additional 467 shares in the last quarter. First Affirmative Financial Network increased its stake in Manulife Financial by 4.5% in the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 482 shares during the last quarter. Finally, Bruce G. Allen Investments LLC raised its holdings in shares of Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 52.56% 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.