Manulife Financial (TSE:MFC) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$54.48 and traded as high as C$61.58. Manulife Financial shares last traded at C$61.42, with a volume of 6,220,904 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Canadian Imperial Bank of Commerce raised their price target on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Scotia upped their price objective on Manulife Financial from C$61.00 to C$67.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 7th. National Bank Financial increased their price objective on Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. TD raised their target price on shares of Manulife Financial from C$65.00 to C$67.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, BMO Capital Markets boosted their target price on shares of Manulife Financial from C$67.00 to C$70.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$66.00.

Manulife Financial Price Performance

The company has a quick ratio of 2.58, a current ratio of 2.36 and a debt-to-equity ratio of 26.52. The firm has a market cap of C$101.63 billion, a P/E ratio of 16.62, a PEG ratio of 1.01 and a beta of 0.60. The business has a fifty day moving average of C$60.28 and a 200 day moving average of C$54.53.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. Manulife Financial had a return on equity of 12.98% and a net margin of 11.62%.The firm had revenue of C$20.34 billion for the quarter. On average, sell-side analysts anticipate that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Monday, September 21st will be issued a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 3.2%. Manulife Financial’s dividend payout ratio (DPR) is currently 50.14%.

Insiders Place Their Bets

In other news, insider Rahul Madhav Joshi sold 25,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of C$54.29, for a total transaction of C$1,357,250.00. Following the completion of the sale, the insider owned 77,185 shares in the company, valued at approximately C$4,190,373.65. This trade represents a 24.47% decrease in their position. Also, insider Patrick David Graham sold 6,843 shares of Manulife Financial stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$62.06, for a total transaction of C$424,676.58. Insiders own 0.03% of the company’s stock.

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.