Manulife Financial (TSE:MFC) Sets New 1-Year High – What’s Next?

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as C$58.21 and last traded at C$58.09, with a volume of 121771 shares. The stock had previously closed at C$57.81.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. TD cut their target price on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Desjardins set a C$58.00 price target on Manulife Financial and gave the company a “buy” rating in a research report on Friday, April 17th. Finally, National Bank Financial raised their price objective on Manulife Financial from C$56.00 to C$59.00 and gave the company 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 issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Buy” and an average price target of C$57.00.

Manulife Financial Stock Performance

The firm has a market capitalization of C$95.81 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.01 and a beta of 0.73. The stock’s 50-day simple moving average is C$54.41 and its 200-day simple moving average is C$51.35.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. The firm had revenue of C$2.15 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. On average, equities research analysts expect that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Insiders Place Their Bets

In other Manulife Financial news, Director Anthony Alex Silva acquired 2,334 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were acquired at an average price of C$53.16 per share, with a total value of C$124,075.44. Following the completion of the transaction, the director owned 8,175 shares in the company, valued at approximately C$434,583. This trade represents a 39.96% increase in their ownership of the stock. Also, Director Eileen Cloherty sold 6,500 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total value of C$347,425.00. Following the completion of the transaction, the director owned 3,412 shares of the company’s stock, valued at C$182,371.40. This trade represents a 65.58% decrease in their position. Insiders sold a total of 136,834 shares of company stock worth $7,311,659 in the last ninety days. Company insiders own 0.03% of the company’s stock.

Manulife Financial Company Profile

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.