Manulife Financial (NYSE:MFC) Sets New 52-Week High at $28.56

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) hit a new 52-week high on Wednesday . The stock traded as high as $28.56 and last traded at $28.36, with a volume of 881951 shares trading hands. The stock had previously closed at $28.26.

Analyst Upgrades and Downgrades

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

Manulife Financial Stock Down 0.1 %

The stock has a 50-day moving average of $26.50 and a 200 day moving average of $25.52. The company has a market capitalization of $50.54 billion, a PE ratio of 16.43, a P/E/G ratio of 1.02 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its 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. The firm had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same period last year, the firm posted $0.62 EPS. Equities analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Wednesday, August 21st. Manulife Financial’s payout ratio is 66.86%.

Institutional Investors Weigh In On Manulife Financial

Several large investors have recently modified their holdings of the stock. Prudential PLC grew its holdings in Manulife Financial by 11.1% during the fourth quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock valued at $25,235,000 after purchasing an additional 114,213 shares during the period. Duality Advisers LP grew its stake in shares of Manulife Financial by 795.2% during the 1st quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider’s stock worth $5,439,000 after acquiring an additional 193,343 shares during the period. Alberta Investment Management Corp increased its holdings in Manulife Financial by 21.4% in the 4th quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock worth $92,867,000 after acquiring an additional 737,203 shares during the last quarter. Bessemer Group Inc. raised its stake in Manulife Financial by 2,913.7% in the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock valued at $2,163,000 after acquiring an additional 83,741 shares during the period. Finally, Claret Asset Management Corp raised its stake in Manulife Financial by 1.0% in the 4th quarter. Claret Asset Management Corp now owns 89,860 shares of the financial services provider’s stock valued at $1,987,000 after acquiring an additional 904 shares during the period. 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.