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

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) hit a new 52-week high during trading 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.

Analysts Set New Price Targets

MFC has been the topic of a number of recent analyst reports. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays assumed coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating on the stock. Finally, TD Securities raised 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. Two equities 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.67.

Manulife Financial Stock Up 1.7 %

The stock’s 50-day simple moving average is $27.16 and its two-hundred day simple moving average is $25.93. The company has a market capitalization of $53.89 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 1.06 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping 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 firm had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current 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 paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend was Wednesday, August 21st. Manulife Financial’s dividend payout ratio is presently 66.86%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Park Avenue Securities LLC boosted its holdings in shares of Manulife Financial by 36.8% during the 3rd quarter. Park Avenue Securities LLC now owns 17,021 shares of the financial services provider’s stock worth $503,000 after purchasing an additional 4,581 shares during the last quarter. SG Americas Securities LLC acquired a new position in Manulife Financial during the third quarter worth $1,190,000. Anchor Investment Management LLC boosted its stake in Manulife Financial by 14.5% during the second quarter. Anchor Investment Management LLC now owns 7,100 shares of the financial services provider’s stock worth $189,000 after buying an additional 900 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Manulife Financial in the 2nd quarter valued at $784,000. Finally, Ariadne Wealth Management LP acquired a new stake in shares of Manulife Financial in the 2nd quarter worth $271,000. Institutional investors and hedge funds 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.