Manulife Financial (MFC) Hits New 52-Week High at $27.51
Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$27.51 and last traded at C$27.05, with a volume of 1484546 shares. The stock had previously closed at C$26.91.
Several research firms recently issued reports on MFC. BMO Capital Markets reissued an “outperform” rating and issued a C$31.00 target price on shares of Manulife Financial in a research note on Friday, November 10th. Scotiabank raised their target price on Manulife Financial from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. National Bank Financial raised their target price on Manulife Financial from C$26.00 to C$27.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 10th. Royal Bank Of Canada raised their target price on Manulife Financial from C$28.00 to C$30.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. Finally, CSFB raised their target price on Manulife Financial from C$28.00 to C$31.00 in a research note on Wednesday, November 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of C$28.83.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Tuesday, November 21st will be issued a $0.205 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $0.82 annualized dividend and a yield of 3.03%. Manulife Financial’s dividend payout ratio (DPR) is presently 43.96%.
In other Manulife Financial news, Director P. Thomas Jenkins sold 4,500 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of C$21.09, for a total value of C$94,905.00. Also, insider Marianne Harrison sold 3,703 shares of Manulife Financial stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of C$24.26, for a total transaction of C$89,834.78. Insiders sold 19,503 shares of company stock valued at $486,563 over the last 90 days.
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Manulife Financial Company Profile
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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