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

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s share price hit a new 52-week high on Monday . The company traded as high as $35.62 and last traded at $35.5450, with a volume of 297501 shares trading hands. The stock had previously closed at $35.21.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Manulife Financial in a research note on Monday, November 24th. Royal Bank Of Canada boosted their price target on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. Morgan Stanley set a $47.00 target price on Manulife Financial in a report on Tuesday, October 7th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Finally, UBS Group started coverage on Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and a consensus price target of $49.50.

Manulife Financial Price Performance

The stock has a fifty day simple moving average of $32.73 and a two-hundred day simple moving average of $31.68. The firm has a market capitalization of $59.74 billion, a P/E ratio of 15.83, a P/E/G ratio of 1.13 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $12.90 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same quarter in the previous year, the company posted $1.00 earnings per share. As a group, sell-side analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th will be issued a $0.44 dividend. The ex-dividend date is Wednesday, November 26th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 dividend on an annualized basis and a yield of 5.0%. Manulife Financial’s dividend payout ratio is 55.56%.

Hedge Funds Weigh In On Manulife Financial

A number of institutional investors and hedge funds have recently made changes to their positions in MFC. CIBC Private Wealth Group LLC grew its position in Manulife Financial by 89.3% during the third quarter. CIBC Private Wealth Group LLC now owns 18,745 shares of the financial services provider’s stock worth $584,000 after buying an additional 8,845 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $4,089,000. Achmea Investment Management B.V. grew its holdings in shares of Manulife Financial by 10.2% in the 3rd quarter. Achmea Investment Management B.V. now owns 933,388 shares of the financial services provider’s stock worth $29,087,000 after acquiring an additional 86,299 shares during the period. Old North State Trust LLC acquired a new position in Manulife Financial during the third quarter worth $312,000. Finally, First Affirmative Financial Network boosted its position in Manulife Financial by 10.7% during the third quarter. First Affirmative Financial Network now owns 10,403 shares of the financial services provider’s stock worth $324,000 after purchasing an additional 1,009 shares in the last quarter. 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.