Manulife Financial (TSE:MFC) Hits New 52-Week High – Still a Buy?

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during trading on Monday . The stock traded as high as C$50.61 and last traded at C$50.53, with a volume of 506287 shares changing hands. The stock had previously closed at C$49.80.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MFC. Desjardins set a C$55.00 price objective on shares of Manulife Financial and gave the stock a “buy” rating in a research report on Thursday, December 18th. CIBC lifted their price target on Manulife Financial from C$49.00 to C$50.00 in a research note on Friday, November 14th. National Bankshares increased their price target on Manulife Financial from C$47.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. TD Securities boosted their price objective on Manulife Financial from C$54.00 to C$57.00 in a research report on Thursday, November 13th. Finally, UBS Group raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Manulife Financial presently has an average rating of “Moderate Buy” and a consensus price target of C$51.25.

Manulife Financial Stock Up 2.1%

The firm has a 50-day moving average price of C$48.65 and a two-hundred day moving average price of C$45.02. The firm has a market cap of C$86.82 billion, a PE ratio of 16.55, a P/E/G ratio of 1.01 and a beta of 1.01.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, November 12th. The financial services provider reported C$1.16 EPS for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%.The firm had revenue of C$26.23 billion during the quarter. Research analysts forecast that Manulife Financial Co. will post 3.6104452 earnings per share for the current fiscal year.

Insider Activity

In other Manulife Financial news, insider Shamus Edward Weiland sold 88,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of C$48.95, for a total value of C$4,332,075.00. Following the transaction, the insider directly owned 53,495 shares of the company’s stock, valued at C$2,618,580.25. This trade represents a 62.33% decrease in their position. Also, insider Rahim Hirji sold 25,048 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of C$48.25, for a total value of C$1,208,566.00. Following the completion of the sale, the insider owned 31,315 shares of the company’s stock, valued at C$1,510,948.75. This trade represents a 44.44% decrease in their ownership of the stock. Company insiders own 0.03% of the company’s stock.

About Manulife Financial

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada’s Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.