Manulife Financial (NYSE:MFC) Reaches New 52-Week High – Here’s What Happened

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) hit a new 52-week high on Tuesday . The company traded as high as $35.96 and last traded at $35.7450, with a volume of 3568578 shares traded. The stock had previously closed at $35.48.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. Royal Bank Of Canada upped their target price on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. UBS Group started coverage on Manulife Financial in a research note on Thursday, October 16th. They issued a “buy” rating for the company. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Morgan Stanley set a $51.00 price target on shares of Manulife Financial in a research report on Monday. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Manulife Financial in a research note on Monday. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Stock Down 0.8%

The stock has a 50 day moving average of $33.75 and a 200 day moving average of $32.02. The company has a market capitalization of $59.90 billion, a price-to-earnings ratio of 15.83 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $12.90 billion during the quarter. Manulife Financial had a net margin of 9.81% and a return on equity of 16.11%. During the same quarter in the previous year, the business posted $1.00 EPS. As a group, sell-side analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced 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 an increase from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 dividend on an annualized basis and a yield of 4.9%. Manulife Financial’s dividend payout ratio is presently 55.56%.

Institutional Trading of Manulife Financial

Large investors have recently modified their holdings of the stock. Stratos Wealth Partners LTD. boosted its position in Manulife Financial by 25.8% in the second quarter. Stratos Wealth Partners LTD. now owns 46,218 shares of the financial services provider’s stock worth $1,477,000 after purchasing an additional 9,478 shares during the last quarter. Cidel Asset Management Inc. increased its position in shares of Manulife Financial by 2.9% during the 2nd quarter. Cidel Asset Management Inc. now owns 496,570 shares of the financial services provider’s stock valued at $15,845,000 after purchasing an additional 14,088 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Manulife Financial during the 2nd quarter worth $4,364,000. Value Partners Investments Inc. boosted its holdings in shares of Manulife Financial by 16,609.6% in the 2nd quarter. Value Partners Investments Inc. now owns 1,519,407 shares of the financial services provider’s stock worth $48,490,000 after buying an additional 1,510,314 shares during the last quarter. Finally, CWM LLC grew its position in Manulife Financial by 211.8% during the second quarter. CWM LLC now owns 51,378 shares of the financial services provider’s stock valued at $1,642,000 after buying an additional 34,902 shares during the period. 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.