Manulife Financial (TSE:MFC) Reaches New 1-Year High – Here’s Why

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during trading on Monday . The company traded as high as C$59.30 and last traded at C$58.87, with a volume of 829454 shares trading hands. The stock had previously closed at C$58.83.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MFC shares. National Bank Financial lifted their price objective on shares of Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. TD lowered their target price on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Finally, Desjardins set a C$58.00 price target on shares of Manulife Financial and gave the company a “buy” rating in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$57.00.

Manulife Financial Stock Down 0.6%

The firm has a market cap of C$97.39 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The firm’s 50-day simple moving average is C$54.66 and its 200 day simple moving average is C$51.49.

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

Insider Transactions at Manulife Financial

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