Manulife Financial (NYSE:MFC) Sets New 52-Week High at $29.28

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

Analyst Upgrades and Downgrades

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

Manulife Financial Trading Up 0.0 %

The company has a market cap 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. The company’s fifty day moving average is $26.67 and its 200 day moving average is $25.69.

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

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were given a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 annualized dividend and a yield of 3.97%. Manulife Financial’s payout ratio is currently 67.44%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MFC. Grove Bank & Trust purchased a new stake in shares of Manulife Financial during the second quarter worth about $25,000. Fortis Group Advisors LLC lifted its holdings in Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after buying an additional 605 shares during the period. Bruce G. Allen Investments LLC grew its position 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 worth $29,000 after buying an additional 490 shares during the last quarter. Addison Advisors LLC increased its stake in shares of Manulife Financial by 77.2% during the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after buying an additional 467 shares during the period. Finally, HHM Wealth Advisors LLC increased its stake in shares of Manulife Financial by 119.0% during the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after buying an additional 600 shares during the period. Institutional investors own 52.56% of the company’s stock.

About Manulife Financial

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.