Manulife Financial (NYSE:MFC) Hits New 12-Month High – Still a Buy?

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $41.43 and last traded at $41.0930, with a volume of 1174533 shares traded. The stock had previously closed at $40.74.

Wall Street Analyst Weigh In

MFC has been the subject of several research analyst reports. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, April 29th. Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Finally, TD Securities reissued a “buy” rating on shares of Manulife Financial in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat, Manulife Financial has a consensus rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Stock Performance

The company has a market capitalization of $68.58 billion, a PE ratio of 16.31 and a beta of 0.84. The company’s 50-day simple moving average is $38.55 and its 200-day simple moving average is $36.85.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The business had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same period in the previous year, the company posted $0.99 earnings per share. Analysts expect that Manulife Financial Corp will post 3.2 EPS for the current year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, May 29th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.7%. Manulife Financial’s payout ratio is presently 56.75%.

Institutional Investors Weigh In On Manulife Financial

Hedge funds have recently modified their holdings of the stock. Basepoint Wealth LLC purchased a new position in Manulife Financial during the 4th quarter worth $25,000. Hantz Financial Services Inc. acquired a new position in shares of Manulife Financial during the fourth quarter worth about $28,000. Canerector Inc. increased its stake in shares of Manulife Financial by 27.0% during the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 170,000 shares during the period. Sfam LLC purchased a new position in Manulife Financial during the fourth quarter worth about $28,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Manulife Financial in the first quarter valued at about $29,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.