Manulife Financial (TSE:MFC) Hits New 12-Month High – Should You Buy?

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$63.02 and last traded at C$62.89, with a volume of 1587776 shares changing hands. The stock had previously closed at C$62.26.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce lifted their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. 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. National Bank Financial upped their price target on Manulife Financial from C$59.00 to C$69.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Jefferies Financial Group lifted their price objective on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Scotiabank boosted their price objective on Manulife Financial from C$56.00 to C$61.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$62.00.

Manulife Financial Stock Performance

The company has a market cap of C$104.67 billion, a P/E ratio of 18.15, a P/E/G ratio of 1.01 and a beta of 0.71. The firm’s fifty day moving average is C$57.67 and its two-hundred day moving average is C$52.98.

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

Insiders Place Their Bets

In other Manulife Financial news, Director Eileen Cloherty sold 6,500 shares of the company’s 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 value of C$347,425.00. Following the completion of the transaction, the director directly owned 3,412 shares in the company, valued at C$182,371.40. This represents a 65.58% decrease in their position. Also, Director Aimee Decamillo sold 18,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of C$51.77, for a total transaction 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. This trade represents a 78.27% decrease in their ownership of the stock. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 in the last 90 days. 0.03% of the stock is currently owned by company insiders.

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.