Manulife Financial (NYSE:MFC) Reaches New 52-Week High – Should You Buy?

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $36.86 and last traded at $36.7760, with a volume of 1449339 shares changing hands. The stock had previously closed at $36.53.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MFC. Royal Bank Of Canada boosted their target price on shares of Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. Morgan Stanley set a $51.00 price objective on shares of Manulife Financial in a report on Monday, December 15th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Manulife Financial in a research report on Monday. Finally, UBS Group initiated coverage on Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating on the stock. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $51.50.

Manulife Financial Price Performance

The firm’s fifty day simple moving average is $34.29 and its 200 day simple moving average is $32.21. The company has a market capitalization of $61.64 billion, a PE ratio of 16.29 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period last year, the firm earned $1.00 EPS. On average, equities research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Wednesday, November 26th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio is 55.56%.

Institutional Trading of Manulife Financial

A number of hedge funds have recently added to or reduced their stakes in MFC. Stratos Wealth Partners LTD. lifted its holdings 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 valued at $1,477,000 after acquiring an additional 9,478 shares during the last quarter. Cidel Asset Management Inc. increased its stake in Manulife Financial by 2.9% during the second quarter. Cidel Asset Management Inc. now owns 496,570 shares of the financial services provider’s stock worth $15,845,000 after acquiring an additional 14,088 shares during the last quarter. XTX Topco Ltd purchased a new stake in Manulife Financial in the second quarter valued at $4,364,000. Value Partners Investments Inc. lifted its stake 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 valued at $48,490,000 after purchasing an additional 1,510,314 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Manulife Financial by 211.8% in the 2nd quarter. CWM LLC now owns 51,378 shares of the financial services provider’s stock valued at $1,642,000 after purchasing an additional 34,902 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.