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

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) hit a new 52-week high on Tuesday . The stock traded as high as C$63.02 and last traded at C$62.89, with a volume of 1587776 shares traded. The stock had previously closed at C$62.26.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MFC shares. Canadian Imperial Bank of Commerce increased their target price on shares of Manulife Financial from C$61.00 to C$69.00 in a report on Wednesday, July 15th. Scotiabank lifted their price objective on shares of Manulife Financial from C$56.00 to C$61.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 15th. Barclays increased their target price on Manulife Financial from C$56.00 to C$59.00 and gave the company an “equal weight” rating in a research report on Thursday. TD boosted their price target on Manulife Financial from C$65.00 to C$67.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Jefferies Financial Group lifted their target price on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of C$63.00.

Manulife Financial Stock Performance

The company has a 50 day moving average of C$58.04 and a two-hundred day moving average of C$53.13. The stock has a market capitalization of C$104.10 billion, a PE ratio of 18.05, a P/E/G ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. The firm had revenue of C$20.34 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. As a group, research analysts predict that Manulife Financial Co. will post 3.6104452 EPS for the current fiscal year.

Insider Activity at Manulife Financial

In related news, Director Eileen Cloherty sold 6,500 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 3,412 shares of the company’s stock, valued at C$182,371.40. This represents a 65.58% decrease in their position. Also, insider Rahul Madhav Joshi sold 25,000 shares of Manulife Financial stock in a transaction dated Monday, June 8th. The stock was sold at an average price of C$54.29, for a total value of C$1,357,250.00. Following the sale, the insider directly owned 77,185 shares of the company’s stock, valued at approximately C$4,190,373.65. This represents a 24.47% decrease in their position. Insiders sold 136,834 shares of company stock valued at $7,311,659 over the last three months. 0.03% of the stock is owned by corporate 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.