Manulife Financial (TSE:MFC) Stock Passes Above 200 Day Moving Average – Here’s Why

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$52.89 and traded as high as C$62.97. Manulife Financial shares last traded at C$62.26, with a volume of 3,900,870 shares.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce increased their target price on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. TD lifted their target price on Manulife Financial from C$58.00 to C$65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. 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. Desjardins set a C$58.00 price objective on Manulife Financial and gave the company a “buy” rating in a report on Friday, April 17th. Finally, National Bank Financial boosted their price target on shares of Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial has a consensus rating of “Buy” and an average price target of C$62.00.

Manulife Financial Price Performance

The company has a market cap of C$103.47 billion, a PE ratio of 17.94, a PEG ratio of 1.01 and a beta of 0.71. The stock’s 50-day moving average is C$57.50 and its 200 day moving average is C$52.89.

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 return on equity of 12.60% and a net margin of 11.97%.The business had revenue of C$2.15 billion for the quarter. On average, analysts expect that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eileen Cloherty sold 6,500 shares of the business’s stock in a transaction dated 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 sale, the director owned 3,412 shares in the company, valued at approximately C$182,371.40. The trade was a 65.58% decrease in their ownership of the stock. Also, Director Anthony Alex Silva sold 1,100 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of C$53.17, for a total transaction of C$58,487.00. Following the transaction, the director owned 7,075 shares in the company, valued at approximately C$376,177.75. This trade represents a 13.46% decrease in their position. Insiders sold a total of 136,834 shares of company stock worth $7,311,659 in the last three months. 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.