Desjardins Reiterates “C$58.00” Price Target for Manulife Financial (TSE:MFC)

Manulife Financial (TSE:MFC) (NYSE:MFC) received a C$58.00 target price from research analysts at Desjardins in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the financial services provider’s stock. Desjardins’ target price would indicate a potential upside of 8.98% from the stock’s previous close.

A number of other research firms have also recently weighed in on MFC. TD Securities dropped their price target on Manulife Financial from C$60.00 to C$59.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Canadian Imperial Bank of Commerce raised Manulife Financial from a “hold” rating to an “outperform” rating and raised their price target for the company from C$50.00 to C$58.00 in a report on Thursday, January 8th. Scotiabank raised their price target on Manulife Financial from C$55.00 to C$56.00 and gave the company an “outperform” rating in a report on Friday, February 13th. Royal Bank Of Canada raised their price target on Manulife Financial from C$52.00 to C$55.00 and gave the company an “outperform” rating in a report on Friday, February 13th. Finally, Barclays increased their price objective on Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of C$56.00.

Manulife Financial Price Performance

MFC stock traded up C$0.24 during midday trading on Friday, reaching C$53.22. 1,098,011 shares of the company’s stock traded hands, compared to its average volume of 5,973,685. The company has a 50-day simple moving average of C$48.70 and a two-hundred day simple moving average of C$48.49. Manulife Financial has a 1-year low of C$38.93 and a 1-year high of C$53.60. The company has a market cap of C$89.21 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 1.01 and a beta of 0.71. The company has a quick ratio of 2.58, a current ratio of 2.12 and a debt-to-equity ratio of 28.80.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported C$1.12 earnings per share for the quarter. Manulife Financial had a return on equity of 11.34% and a net margin of 10.91%.The firm had revenue of C$22.03 billion during the quarter. On average, analysts anticipate that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Buying and Selling

In other Manulife Financial news, Director Adam Thomas Wise sold 3,500 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of C$46.47, for a total value of C$162,645.00. Following the transaction, the director directly owned 2,497 shares in the company, valued at approximately C$116,035.59. This trade represents a 58.36% decrease in their position. Insiders own 0.03% of the company’s stock.

About Manulife Financial

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.