Manulife Financial (TSE:MFC) Reaches New 1-Year High – Here’s What Happened

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as C$49.83 and last traded at C$49.69, with a volume of 1728499 shares changing hands. The stock had previously closed at C$49.28.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Barclays lifted their price target on Manulife Financial from C$47.00 to C$48.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. UBS Group raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, October 16th. Desjardins lifted their target price on Manulife Financial from C$48.00 to C$52.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Royal Bank Of Canada boosted their target price on Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, November 14th. Finally, National Bankshares raised their price target on Manulife Financial from C$47.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Manulife Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of C$50.88.

Manulife Financial Stock Up 0.6%

The company’s 50 day simple moving average is C$45.35 and its 200-day simple moving average is C$43.69. The firm has a market cap of C$83.52 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.01 and a beta of 0.94.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, November 12th. The financial services provider reported C$1.16 earnings per share for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%.The firm had revenue of C$18.03 billion for the quarter. Equities research analysts predict that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Insiders Place Their Bets

In other Manulife Financial news, insider Rahim Hirji sold 25,048 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of C$48.25, for a total value of C$1,208,566.00. Following the sale, the insider owned 31,315 shares in the company, valued at C$1,510,948.75. This trade represents a 44.44% decrease in their ownership of the stock. 0.03% of the stock is currently owned by insiders.

Manulife Financial Company Profile

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada’s Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.