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

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) hit a new 52-week high on Wednesday . The company traded as high as C$58.00 and last traded at C$57.72, with a volume of 937056 shares. The stock had previously closed at C$57.54.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Desjardins set a C$58.00 price target on Manulife Financial and gave the company a “buy” rating in a research note on Friday, April 17th. National Bank Financial upped their price objective on Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Finally, TD decreased their price objective on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating for the company in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of C$57.00.

Manulife Financial Price Performance

The stock’s 50-day moving average price is C$53.46 and its 200 day moving average price is C$50.83. The firm has a market cap of C$95.64 billion, a P/E ratio of 16.55, a price-to-earnings-growth ratio of 1.01 and a beta of 0.73.

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

Insider Buying and Selling

In related news, Director Eileen Cloherty sold 6,500 shares of Manulife Financial stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total value of C$347,425.00. Following the sale, the director owned 3,412 shares of the company’s stock, valued at approximately 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 the company’s stock in a transaction dated 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 owned 4,996 shares in the company, valued at C$258,642.92. The trade was a 78.27% decrease in their position. Insiders have sold 136,834 shares of company stock worth $7,311,659 over the last 90 days. 0.03% of the stock is currently owned by insiders.

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.