Manulife Financial (NYSE:MFC) Reaches New 12-Month High – Should You Buy?

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

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

The stock has a market cap of $61.83 billion, a PE ratio of 16.34 and a beta of 0.83. The company’s fifty day moving average is $34.10 and its 200-day moving average is $32.14.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $12.90 billion for the quarter. Manulife Financial had a net margin of 9.81% and a return on equity of 16.11%. During the same period in the previous year, the company posted $1.00 earnings per share. Analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Root Financial Partners LLC acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $25,000. Caldwell Trust Co purchased a new stake in Manulife Financial during the second quarter worth $27,000. Eastern Bank grew its position in Manulife Financial by 156.1% during the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after buying an additional 590 shares during the period. American Wealth Advisors LLC purchased a new position in Manulife Financial in the third quarter valued at $36,000. Finally, Winnow Wealth LLC acquired a new position in shares of Manulife Financial in the second quarter worth about $38,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.