Manulife Financial (NYSE:MFC) Sets New 12-Month High – Here’s What Happened

Manulife Financial Co. (NYSE:MFC) (TSE:MFC)’s stock price hit a new 52-week high on Friday . The company traded as high as $30.11 and last traded at $30.11, with a volume of 18911 shares traded. The stock had previously closed at $29.62.

Wall Street Analysts Forecast Growth

MFC has been the topic of a number of research reports. TD Securities lifted their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Barclays assumed coverage on Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Finally, Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.67.

Manulife Financial Stock Up 1.7 %

The stock has a market capitalization of $53.89 billion, a P/E ratio of 17.22, a P/E/G ratio of 1.06 and a beta of 1.08. The stock’s 50 day moving average price is $27.16 and its 200-day moving average price is $25.93.

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

Manulife Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s payout ratio is presently 66.86%.

Institutional Investors Weigh In On Manulife Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Grove Bank & Trust purchased a new stake in Manulife Financial during the 2nd quarter valued at about $25,000. Addison Advisors LLC raised its position in Manulife Financial by 77.2% during the 2nd 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 during the last quarter. HHM Wealth Advisors LLC lifted its stake in Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 600 shares during the period. Bruce G. Allen Investments LLC boosted 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 during the last quarter. Finally, Sachetta LLC increased its stake in shares of Manulife Financial by 209.5% in the second quarter. Sachetta LLC now owns 1,170 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 792 shares during the period. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.