Rahim Hirji Sells 17,849 Shares of Manulife Financial Co. (TSE:MFC) Stock

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) Senior Officer Rahim Hirji sold 17,849 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of C$44.22, for a total value of C$789,272.07.

Manulife Financial Trading Up 0.5%

Shares of Manulife Financial stock opened at C$44.77 on Monday. The stock has a 50-day moving average price of C$42.31 and a 200 day moving average price of C$43.28. The company has a market cap of C$78.53 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.01 and a beta of 1.06. Manulife Financial Co. has a 1 year low of C$32.87 and a 1 year high of C$46.42.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 19th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.93%. The ex-dividend date is Wednesday, May 21st. Manulife Financial’s dividend payout ratio is currently 49.79%.

Wall Street Analyst Weigh In

MFC has been the subject of several analyst reports. National Bankshares reduced their target price on Manulife Financial from C$50.00 to C$49.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Jefferies Financial Group reduced their target price on Manulife Financial from C$51.00 to C$46.00 in a report on Monday, April 21st. Royal Bank of Canada set a C$51.00 target price on Manulife Financial and gave the company an “outperform” rating in a report on Tuesday, April 15th. TD Securities upped their target price on Manulife Financial from C$48.00 to C$49.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Barclays reduced their target price on Manulife Financial from C$49.00 to C$45.00 in a report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of C$48.00.

About Manulife Financial

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.