Manulife Financial (TSE:MFC) Shares Pass Above 200-Day Moving Average on Insider Selling

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) crossed above its 200-day moving average during trading on Monday following insider buying activity. The stock has a 200-day moving average of C$43.31 and traded as high as C$44.99. Manulife Financial shares last traded at C$44.77, with a volume of 12,594,850 shares traded.

Specifically, Director Anthony Alex Silva purchased 2,407 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was bought at an average cost of C$44.37 per share, with a total value of C$106,788.96.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Jefferies Financial Group cut their price target on Manulife Financial from C$51.00 to C$46.00 in a report on Monday, April 21st. Scotiabank lowered their price target on Manulife Financial from C$53.00 to C$50.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. TD Securities increased their price objective on Manulife Financial from C$48.00 to C$49.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. National Bankshares cut their target price on Manulife Financial from C$50.00 to C$49.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Finally, CIBC dropped their price target on Manulife Financial from C$48.00 to C$46.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of C$48.00.

Manulife Financial Stock Performance

The stock has a market capitalization of C$78.53 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.01 and a beta of 1.06. The firm has a fifty day moving average of C$42.36 and a 200-day moving average of C$43.31.

Manulife Financial Announces Dividend

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

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.