Manulife Financial (TSE:MFC) Hits New 52-Week High – Time to Buy?

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as C$60.38 and last traded at C$60.35, with a volume of 1368451 shares. The stock had previously closed at C$58.67.

Wall Street Analysts Forecast Growth

MFC has been the topic of several research reports. TD cut their target price on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. National Bank Financial lifted their price target on Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Finally, Desjardins set a C$58.00 price target on Manulife Financial and gave the company a “buy” rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$57.00.

Manulife Financial Trading Up 3.1%

The company has a market capitalization of C$100.53 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The business’s 50-day simple moving average is C$55.46 and its 200-day simple moving average is C$51.92.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings data on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. The business had revenue of C$2.15 billion during the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. Sell-side analysts forecast that Manulife Financial Co. will post 3.6104452 EPS for the current fiscal year.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Director Anthony Alex Silva purchased 2,334 shares of the stock in a transaction on Thursday, May 21st. The shares were bought at an average cost of C$53.16 per share, with a total value of C$124,075.44. Following the completion of the acquisition, the director owned 8,175 shares in the company, valued at C$434,583. This trade represents a 39.96% increase in their ownership of the stock. Also, Director Aimee Decamillo sold 18,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total value of C$931,860.00. Following the sale, the director directly owned 4,996 shares in the company, valued at C$258,642.92. This represents a 78.27% decrease in their ownership of the stock. In the last three months, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is currently owned by company insiders.

About Manulife Financial

Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities.