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

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $35.63 and last traded at $35.4980, with a volume of 1729498 shares changing hands. The stock had previously closed at $35.22.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MFC shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Manulife Financial in a report on Monday, December 1st. Morgan Stanley set a $47.00 target price on Manulife Financial in a research note on Tuesday, October 7th. UBS Group assumed coverage on Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Finally, Royal Bank Of Canada raised their price objective on shares of Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, November 14th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $49.50.

Manulife Financial Trading Up 0.8%

The company has a market cap of $59.81 billion, a price-to-earnings ratio of 15.78 and a beta of 0.83. The business has a fifty day moving average of $33.30 and a two-hundred day moving average of $31.85.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $12.90 billion during the quarter. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.During the same quarter last year, the firm earned $1.00 earnings per share. On average, research analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th will be given a dividend of $0.44 per share. This is a boost 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%. The ex-dividend date is Wednesday, November 26th. Manulife Financial’s dividend payout ratio (DPR) is currently 55.56%.

Institutional Trading of Manulife Financial

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bridgewater Advisors Inc. lifted its stake in Manulife Financial by 4.3% in the 3rd quarter. Bridgewater Advisors Inc. now owns 8,203 shares of the financial services provider’s stock valued at $272,000 after buying an additional 337 shares in the last quarter. Wealth Alliance LLC lifted its position in shares of Manulife Financial by 1.7% in the second quarter. Wealth Alliance LLC now owns 20,984 shares of the financial services provider’s stock valued at $671,000 after acquiring an additional 345 shares in the last quarter. HM Payson & Co. boosted its stake in shares of Manulife Financial by 9.0% in the third quarter. HM Payson & Co. now owns 4,308 shares of the financial services provider’s stock worth $134,000 after acquiring an additional 354 shares during the last quarter. Signaturefd LLC increased its position in shares of Manulife Financial by 0.7% during the third quarter. Signaturefd LLC now owns 53,762 shares of the financial services provider’s stock worth $1,675,000 after purchasing an additional 373 shares in the last quarter. Finally, Haven Private LLC raised its stake in Manulife Financial by 4.0% in the 3rd quarter. Haven Private LLC now owns 9,954 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 387 shares during the last quarter. Hedge funds and other 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.