Manulife Financial (TSE:MFC) Reaches New 52-Week High – Should You Buy?

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as C$55.42 and last traded at C$55.41, with a volume of 241415 shares traded. The stock had previously closed at C$54.77.

Analysts Set New Price Targets

Several research firms recently commented on MFC. Royal Bank Of Canada raised their target price on Manulife Financial from C$52.00 to C$55.00 and gave the stock an “outperform” rating in a research report on Friday, February 13th. Scotiabank boosted their price objective on Manulife Financial from C$55.00 to C$56.00 and gave the stock an “outperform” rating in a research note on Friday, February 13th. TD reduced their price objective 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. Desjardins set a C$58.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, National Bank Financial boosted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of C$57.00.

Manulife Financial Trading Up 0.3%

The company has a 50 day moving average price of C$52.47 and a 200 day moving average price of C$50.51. The company has a market capitalization of C$91.69 billion, a price-to-earnings ratio of 15.83, a PEG ratio of 1.01 and a beta of 0.73.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released 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 during the quarter. Equities analysts predict that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Eileen Cloherty sold 6,500 shares of Manulife Financial stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the completion of the sale, the director directly owned 3,412 shares of the company’s stock, valued at C$182,371.40. The trade was a 65.58% decrease in their ownership of the stock. Also, Director Aimee Decamillo sold 18,000 shares of Manulife Financial stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total value of C$931,860.00. Following the sale, the director directly owned 4,996 shares of the company’s stock, valued at approximately C$258,642.92. This trade represents a 78.27% decrease in their ownership of the stock. Insiders sold 136,834 shares of company stock valued at $7,311,659 in the last three months. 0.03% of the stock is currently 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.