Manulife Financial (NYSE:MFC) Reaches New 1-Year High – Still a Buy?

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, November 14th. Morgan Stanley set a $51.00 price target on shares of Manulife Financial in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of Manulife Financial in a research report on Monday, December 1st. UBS Group assumed coverage on shares of Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating on the stock. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, Manulife Financial has a consensus rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Stock Up 0.7%

The stock has a market capitalization of $60.10 billion, a price-to-earnings ratio of 15.89 and a beta of 0.83. The company’s fifty day simple moving average is $33.61 and its 200 day simple moving average is $31.97.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its 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. Manulife Financial had a net margin of 9.81% and a return on equity of 16.11%. The company had revenue of $12.90 billion during the quarter. During the same quarter in the prior year, the business posted $1.00 EPS. As a group, analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be issued 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 dividend yield of 4.9%. The ex-dividend date is Wednesday, November 26th. Manulife Financial’s dividend payout ratio is presently 55.56%.

Institutional Trading of Manulife Financial

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Manulife Financial by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 76,711,490 shares of the financial services provider’s stock valued at $2,390,023,000 after purchasing an additional 374,615 shares during the period. TD Asset Management Inc lifted its holdings in shares of Manulife Financial by 5.8% during the third quarter. TD Asset Management Inc now owns 37,638,463 shares of the financial services provider’s stock worth $1,172,922,000 after buying an additional 2,079,330 shares in the last quarter. Canerector Inc. boosted its position in shares of Manulife Financial by 4,445.8% in the third quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider’s stock valued at $877,932,000 after acquiring an additional 27,564,000 shares during the period. Mackenzie Financial Corp boosted its position in shares of Manulife Financial by 25.6% in the third quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider’s stock valued at $866,649,000 after acquiring an additional 5,671,639 shares during the period. Finally, 1832 Asset Management L.P. grew its stake in shares of Manulife Financial by 3.0% in the second quarter. 1832 Asset Management L.P. now owns 25,155,652 shares of the financial services provider’s stock valued at $803,975,000 after acquiring an additional 730,187 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

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.