Manulife Financial (NYSE:MFC) Reaches New 1-Year High – Here’s What Happened

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) hit a new 52-week high on Thursday . The company traded as high as $39.26 and last traded at $39.2650, with a volume of 648099 shares changing hands. The stock had previously closed at $38.17.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MFC. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday, January 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Wednesday. Finally, Weiss Ratings downgraded Manulife Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and an average price target of $51.50.

Manulife Financial Stock Performance

The stock has a market capitalization of $65.44 billion, a P/E ratio of 17.63 and a beta of 0.82. The stock has a 50 day moving average of $35.77 and a 200 day moving average of $35.54.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. The firm had revenue of $11.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same period in the prior year, the business earned $1.03 EPS. On average, research analysts anticipate that Manulife Financial Corp will post 3.22 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Wednesday, February 25th were paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Wednesday, February 25th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s dividend payout ratio (DPR) is currently 63.96%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Basepoint Wealth LLC acquired a new position in Manulife Financial during the 4th quarter worth $25,000. Hantz Financial Services Inc. purchased a new stake in shares of Manulife Financial during the fourth quarter valued at $28,000. Sfam LLC purchased a new stake in shares of Manulife Financial during the fourth quarter valued at $28,000. Root Financial Partners LLC purchased a new stake in shares of Manulife Financial during the third quarter valued at $25,000. Finally, Heritage Wealth Advisors purchased a new stake in shares of Manulife Financial during the fourth quarter valued at $30,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.