Manulife Financial (TSE:MFC) Sets New 52-Week High – Still a Buy?

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) hit a new 52-week high on Monday . The company traded as high as C$50.61 and last traded at C$50.53, with a volume of 506287 shares changing hands. The stock had previously closed at C$49.80.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MFC shares. Desjardins set a C$55.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research note on Thursday, December 18th. UBS Group raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, October 16th. National Bankshares lifted their price target on shares of Manulife Financial from C$47.00 to C$52.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Royal Bank Of Canada boosted their price objective on shares of Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, November 14th. Finally, TD Securities raised their target price on shares of Manulife Financial from C$54.00 to C$57.00 in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$51.25.

Manulife Financial Stock Up 1.9%

The firm’s 50-day moving average price is C$48.44 and its 200 day moving average price is C$44.89. The firm has a market cap of C$85.36 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 1.01 and a beta of 1.01.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, November 12th. The financial services provider reported C$1.16 EPS for the quarter. The company had revenue of C$26.23 billion for the quarter. Manulife Financial had a net margin of 12.52% and a return on equity of 11.75%. On average, equities analysts predict that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, insider Rahim Hirji sold 25,048 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of C$48.25, for a total transaction of C$1,208,566.00. Following the completion of the transaction, the insider owned 31,315 shares in the company, valued at approximately C$1,510,948.75. The trade was a 44.44% decrease in their position. Also, insider Shamus Edward Weiland sold 88,500 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$48.95, for a total value of C$4,332,075.00. Following the completion of the transaction, the insider directly owned 53,495 shares of the company’s stock, valued at approximately C$2,618,580.25. The trade was a 62.33% decrease in their position. 0.03% of the stock is owned by insiders.

About Manulife Financial

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.