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

Manulife Financial Corp (NYSE:MFC) (TSE:MFC)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $33.52 and last traded at $33.5920, with a volume of 313 shares traded. The stock had previously closed at $33.41.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Royal Bank Of Canada reduced their price target on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a report on Tuesday, October 7th. Finally, UBS Group started coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and a consensus target price of $48.00.

Manulife Financial Price Performance

The company has a 50 day simple moving average of $31.78 and a 200-day simple moving average of $31.33. The firm has a market cap of $56.59 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

Hedge Funds Weigh In On Manulife Financial

Large investors have recently made changes to their positions in the business. Brighton Jones LLC raised its stake in Manulife Financial by 33.9% during the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock valued at $288,000 after buying an additional 2,376 shares during the last quarter. OneDigital Investment Advisors LLC grew its position in Manulife Financial by 10.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 7,597 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 706 shares during the last quarter. M&T Bank Corp increased its stake in Manulife Financial by 24.8% during the 1st quarter. M&T Bank Corp now owns 51,047 shares of the financial services provider’s stock valued at $1,590,000 after purchasing an additional 10,153 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Manulife Financial by 33.3% in the first quarter. Allworth Financial LP now owns 7,418 shares of the financial services provider’s stock worth $224,000 after buying an additional 1,854 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in shares of Manulife Financial by 47.8% in the first quarter. Cerity Partners LLC now owns 172,708 shares of the financial services provider’s stock worth $5,380,000 after purchasing an additional 55,881 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.