Manulife Financial (TSE:MFC) Insider Rahul Madhav Joshi Sells 50,000 Shares

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) insider Rahul Madhav Joshi sold 50,000 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of C$53.76, for a total transaction of C$2,688,000.00. Following the transaction, the insider owned 27,186 shares in the company, valued at approximately C$1,461,519.36. This trade represents a 64.78% decrease in their position.

Manulife Financial Stock Down 1.0%

MFC opened at C$53.26 on Friday. Manulife Financial Co. has a 52-week low of C$41.08 and a 52-week high of C$55.34. The company has a market cap of C$88.89 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 1.01 and a beta of 0.74. The firm’s 50-day moving average price is C$50.76 and its 200-day moving average price is C$49.92.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share (EPS) for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.65%. The firm had revenue of C$2.15 billion for the quarter. On average, research analysts anticipate that Manulife Financial Co. will post 3.6104452 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 19th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, February 25th. Manulife Financial’s dividend payout ratio is 57.33%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MFC. Jefferies Financial Group raised their price objective on shares of Manulife Financial from C$54.00 to C$58.00 in a research note on Monday, February 2nd. Desjardins set a C$58.00 target price on Manulife Financial and gave the company a “buy” rating in a research report on Friday, April 17th. Scotiabank increased their target price on Manulife Financial from C$55.00 to C$56.00 and gave the company an “outperform” rating in a research report on Friday, February 13th. Royal Bank Of Canada increased their target price on Manulife Financial from C$52.00 to C$55.00 and gave the company an “outperform” rating in a research report on Friday, February 13th. Finally, National Bank Financial increased their target price on 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$57.00.

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.