Manulife Financial (NYSE:MFC) Sets New 1-Year High – Should You Buy?

by · The Markets Daily

Manulife Financial Corp (NYSE:MFC – Get Free Report) (TSE:MFC)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $41.70 and last traded at $41.57, with a volume of 144210 shares traded. The stock had previously closed at $41.18.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, April 29th. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a research report on Thursday, May 14th. Finally, Weiss Ratings upgraded Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $51.50.

Check Out Our Latest Stock Analysis on Manulife Financial

Manulife Financial Stock Up 0.9%

The firm has a market capitalization of $69.24 billion, a price-to-earnings ratio of 16.50 and a beta of 0.84. The stock has a 50 day moving average of $39.36 and a 200 day moving average of $37.33.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last announced its quarterly earnings data on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $8.89 billion for the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same quarter in the previous year, the company earned $0.99 EPS. Analysts predict that Manulife Financial Corp will post 3.2 earnings per share for the current year.

Manulife Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, May 29th. Manulife Financial’s dividend payout ratio is currently 56.75%.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Manulife Financial by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 78,317,970 shares of the financial services provider’s stock valued at $2,843,882,000 after purchasing an additional 1,606,480 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Manulife Financial by 1.4% in the 4th quarter. TD Asset Management Inc now owns 38,181,297 shares of the financial services provider’s stock valued at $1,388,259,000 after buying an additional 542,834 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Manulife Financial by 2.6% in the 4th quarter. Mackenzie Financial Corp now owns 28,550,943 shares of the financial services provider’s stock valued at $1,041,431,000 after buying an additional 728,643 shares during the period. Norges Bank bought a new stake in shares of Manulife Financial during the 4th quarter valued at about $777,229,000. Finally, CIBC Asset Management Inc raised its stake in Manulife Financial by 14.6% during the fourth quarter. CIBC Asset Management Inc now owns 16,885,459 shares of the financial services provider’s stock worth $616,479,000 after acquiring an additional 2,145,099 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

About Manulife Financial

(Get Free Report)

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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