Manulife Financial (NYSE:MFC) Stock Crosses Above 200 Day Moving Average – Time to Sell?

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $40.65 and traded as high as $43.43. Manulife Financial shares last traded at $42.93, with a volume of 1,402,315 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Zacks Research raised Manulife Financial from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 2nd. Weiss Ratings upgraded Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada upped their target price on Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $59.00.

Manulife Financial Price Performance

The business’s 50 day simple moving average is $43.60 and its 200 day simple moving average is $40.70. The stock has a market cap of $69.85 billion, a P/E ratio of 15.71 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. Research analysts predict that Manulife Financial Corp will post 3 earnings per share for the current year.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, August 21st were issued a dividend of C$0.48 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.6%. Manulife Financial’s dividend payout ratio (DPR) is presently 51.49%.

Institutional Investors Weigh In On Manulife Financial

Large investors have recently made changes to their positions in the company. TD Waterhouse Canada Inc. lifted its holdings in Manulife Financial by 0.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 16,757,547 shares of the financial services provider’s stock valued at $683,609,000 after purchasing an additional 81,973 shares during the last quarter. Bank of Nova Scotia bought a new position in shares of Manulife Financial in the second quarter valued at approximately $594,832,000. Canada Pension Plan Investment Board bought a new position in shares of Manulife Financial in the second quarter valued at approximately $495,841,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Manulife Financial by 183.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock worth $402,969,000 after acquiring an additional 7,577,711 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Manulife Financial during the 2nd quarter worth approximately $430,039,000. Institutional investors own 52.56% of the company’s stock.

About Manulife Financial

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.