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

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$60.38 and last traded at C$60.35, with a volume of 1368451 shares trading hands. The stock had previously closed at C$58.67.

Analysts Set New Price Targets

Several research firms have commented on MFC. National Bank Financial increased their price target on shares of Manulife Financial from C$56.00 to C$59.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. TD cut their price objective on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Finally, Desjardins set a C$58.00 price objective on shares of Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of C$57.00.

Manulife Financial Stock Performance

The stock has a market cap of C$100.53 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The firm has a fifty day moving average price of C$55.46 and a 200 day moving average price of C$51.92.

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

Insiders Place Their Bets

In related news, Director Anthony Alex Silva sold 1,100 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of C$53.17, for a total value of C$58,487.00. Following the completion of the transaction, the director directly owned 7,075 shares of the company’s stock, valued at C$376,177.75. This trade represents a 13.46% decrease in their position. Also, Director Eileen Cloherty sold 6,500 shares of Manulife Financial stock in a transaction that occurred on 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 completion of the sale, the director owned 3,412 shares of the company’s stock, valued at C$182,371.40. This trade represents a 65.58% decrease in their ownership of the stock. 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.

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.