Manulife Financial (TSE:MFC) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$50.15 and traded as high as C$52.94. Manulife Financial shares last traded at C$52.73, with a volume of 21,736,018 shares.

Wall Street Analyst Weigh In

MFC has been the topic of a number of research reports. TD dropped their price target on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. National Bank Financial raised their price target on Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. TD Securities dropped their price target on Manulife Financial from C$60.00 to C$59.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Jefferies Financial Group raised their price target on Manulife Financial from C$54.00 to C$58.00 in a research note on Monday, February 2nd. Finally, Desjardins set a C$58.00 price target on Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and an average target price of C$57.00.

Manulife Financial Stock Performance

The stock has a fifty day moving average of C$51.43 and a 200 day moving average of C$50.15. The company has a market capitalization of C$88.00 billion, a P/E ratio of 15.20, a PEG ratio of 1.01 and a beta of 0.74.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. Manulife Financial had a return on equity of 12.65% and a net margin of 11.97%.The company had revenue of C$2.15 billion for the quarter. Research analysts anticipate that Manulife Financial Co. will post 3.6104452 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Anthony Alex Silva bought 2,334 shares of the firm’s stock in a transaction that occurred 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 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, insider Rahul Madhav Joshi sold 50,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the completion of the transaction, the insider directly owned 27,186 shares in the company, valued at approximately C$1,461,519.36. This represents a 64.78% decrease in their ownership of the stock. Insiders sold a total of 73,834 shares of company stock valued at $3,906,579 in the last 90 days. 0.03% of the stock is 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.