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

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) hit a new 52-week high on Tuesday . The company traded as high as C$58.21 and last traded at C$58.09, with a volume of 121771 shares traded. The stock had previously closed at C$57.81.

Analysts Set New Price Targets

A number of analysts recently commented on MFC shares. TD lowered their price objective on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. Desjardins set a C$58.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, National Bank Financial lifted their target price on Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. One 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. According to data from MarketBeat.com, Manulife Financial currently has an average rating of “Buy” and an average target price of C$57.00.

Manulife Financial Trading Down 0.1%

The business has a 50 day moving average of C$54.23 and a 200-day moving average of C$51.23. The firm has a market capitalization of C$96.21 billion, a P/E ratio of 16.65, a PEG ratio of 1.01 and a beta of 0.73.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. The firm had revenue of C$2.15 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. On average, analysts anticipate that Manulife Financial Co. will post 3.6104452 EPS for the current fiscal year.

Insider Activity at Manulife Financial

In related news, Director Aimee Decamillo sold 18,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of C$51.77, for a total value of C$931,860.00. Following the sale, the director directly owned 4,996 shares of the company’s stock, valued at approximately C$258,642.92. The trade was a 78.27% decrease in their position. Also, insider Rahul Madhav Joshi sold 25,000 shares of the business’s stock in a transaction on 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 directly owned 77,185 shares in the company, valued at C$4,190,373.65. This represents a 24.47% decrease in their ownership of the stock. In the last ninety days, insiders have sold 136,834 shares of company stock valued at $7,311,659. Insiders own 0.03% of the company’s stock.

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.