Manulife Financial (MFC) Sets New 12-Month Low at $23.28

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Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week low on Thursday . The company traded as low as C$23.28 and last traded at C$23.32, with a volume of 1840473 shares traded. The stock had previously closed at C$23.56.

MFC has been the subject of a number of recent research reports. Canaccord Genuity set a C$29.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research report on Tuesday, July 24th. National Bank Financial decreased their price objective on Manulife Financial from C$31.00 to C$30.00 and set an “outperform” rating for the company in a research report on Thursday, August 9th. Seven analysts have rated the stock with a buy rating, Manulife Financial presently has a consensus rating of “Buy” and an average price target of C$29.80.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, August 8th. The financial services provider reported C$0.70 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.65 by C$0.05. Manulife Financial had a negative return on equity of 12.24% and a negative net margin of 7.55%. The company had revenue of C$13.67 billion during the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Shareholders of record on Tuesday, August 21st will be given a dividend of $0.22 per share. The ex-dividend date is Monday, August 20th. This represents a $0.88 dividend on an annualized basis and a yield of 3.78%.

In other news, insider Lynda Sullivan sold 5,754 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total transaction of C$138,901.56. Also, insider Rahim Hirji sold 22,000 shares of the stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of C$24.30, for a total value of C$534,600.00. Insiders have sold a total of 45,883 shares of company stock valued at $1,111,136 over the last ninety days.

Manulife Financial Company Profile (TSE:MFC)

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.

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