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

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $41.43 and last traded at $41.0930, with a volume of 1174533 shares changing hands. The stock had previously closed at $40.74.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Wednesday, April 29th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research report on Thursday, May 14th. Finally, Weiss Ratings raised shares of Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $51.50.

Manulife Financial Stock Up 0.7%

The stock’s 50 day moving average price is $38.77 and its two-hundred day moving average price is $36.93. The stock has a market cap of $67.86 billion, a price-to-earnings ratio of 16.13 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The business had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the previous year, the company posted $0.99 earnings per share. On average, analysts predict that Manulife Financial Corp will post 3.2 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, May 29th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.94 annualized dividend and a dividend yield of 4.8%. Manulife Financial’s dividend payout ratio (DPR) is presently 56.75%.

Institutional Investors Weigh In On Manulife Financial

Several large investors have recently added to or reduced their stakes in MFC. Hoge Financial Services LLC grew its stake in shares of Manulife Financial by 0.9% in the fourth quarter. Hoge Financial Services LLC now owns 31,975 shares of the financial services provider’s stock worth $1,160,000 after acquiring an additional 272 shares in the last quarter. Bridgewater Advisors Inc. boosted its holdings in Manulife Financial by 3.3% in the first quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider’s stock valued at $299,000 after purchasing an additional 274 shares during the period. Kathmere Capital Management LLC boosted its holdings in Manulife Financial by 2.0% in the fourth quarter. Kathmere Capital Management LLC now owns 14,421 shares of the financial services provider’s stock valued at $523,000 after purchasing an additional 277 shares during the period. Americana Partners LLC grew its stake in Manulife Financial by 0.5% during the 4th quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider’s stock worth $2,143,000 after purchasing an additional 295 shares in the last quarter. Finally, Midwest Professional Planners LTD. increased its holdings in Manulife Financial by 1.1% during the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider’s stock worth $954,000 after purchasing an additional 305 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Company Profile

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.