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

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during trading on Monday . The company traded as high as C$46.44 and last traded at C$46.42, with a volume of 11029225 shares changing hands. The stock had previously closed at C$45.39.

Wall Street Analyst Weigh In

A number of analysts have commented on MFC shares. Desjardins upped their price objective on shares of Manulife Financial from C$48.00 to C$52.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. National Bankshares upped their price objective on shares of Manulife Financial from C$47.00 to C$52.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Royal Bank Of Canada reduced their price objective on shares of Manulife Financial from C$51.00 to C$49.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. TD Securities upped their price objective on shares of Manulife Financial from C$50.00 to C$54.00 in a research note on Wednesday, October 8th. Finally, UBS Group raised shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of C$49.78.

Manulife Financial Price Performance

The firm has a market capitalization of C$78.43 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.01 and a beta of 0.93. The firm’s fifty day moving average is C$43.79 and its 200 day moving average is C$43.06.

Manulife Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 19th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Wednesday, August 20th. Manulife Financial’s dividend payout ratio (DPR) is presently 54.19%.

Insiders Place Their Bets

In related news, insider Paul Lorentz sold 178,425 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of C$41.90, for a total transaction of C$7,476,007.50. Following the transaction, the insider owned 79,930 shares of the company’s stock, valued at approximately C$3,349,067. This trade represents a 69.06% decrease in their ownership of the stock. Insiders have sold a total of 179,582 shares of company stock worth $7,516,321 over the last 90 days. 0.03% of the stock is currently owned by company insiders.

Manulife Financial Company Profile

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada’s Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.