Manulife Financial (TSE:MFC) Price Target Raised to C$68.00 at Desjardins

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target upped by Desjardins from C$63.00 to C$68.00 in a research report released on Friday morning,BayStreet.CA reports. Desjardins currently has a buy rating on the financial services provider’s stock.

Several other analysts also recently weighed in on MFC. Canadian Imperial Bank of Commerce raised their target price on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Scotiabank boosted their price target on Manulife Financial from C$56.00 to C$61.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 15th. Jefferies Financial Group increased their price target on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Barclays increased their price target on Manulife Financial from C$56.00 to C$59.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, TD raised their price objective on Manulife Financial from C$65.00 to C$67.00 and gave the company a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Manulife Financial has an average rating of “Buy” and a consensus target price of C$66.00.

Manulife Financial Trading Down 1.2%

Shares of MFC stock opened at C$61.78 on Friday. The firm has a fifty day simple moving average of C$58.42 and a 200-day simple moving average of C$53.26. The company has a market capitalization of C$102.67 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. Manulife Financial has a twelve month low of C$41.08 and a twelve month high of C$63.58.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. The firm had revenue of C$20.34 billion for the quarter. Equities research analysts predict that Manulife Financial will post 3.6104452 EPS for the current year.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Director Aimee Decamillo sold 18,000 shares of Manulife Financial stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total value of C$931,860.00. Following the completion of the transaction, the director directly owned 4,996 shares in the company, valued at C$258,642.92. The trade was a 78.27% decrease in their ownership of the stock. Also, Director Eileen Cloherty sold 6,500 shares of Manulife Financial stock in a transaction that occurred on Wednesday, May 27th. The shares were 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 owned 3,412 shares of the company’s stock, valued at approximately C$182,371.40. The trade was a 65.58% decrease in their ownership of the stock. Insiders sold 136,834 shares of company stock worth $7,311,659 in the last quarter. 0.03% of the stock is currently owned by corporate insiders.

Key Manulife Financial News

Here are the key news stories impacting Manulife Financial this week:

• Positive Sentiment: Manulife reported second-quarter EPS of C$1.09 and revenue of C$20.34 billion, while maintaining a 12.60% return on equity and an 11.97% net margin. Coverage described the results as a modest earnings beat, supported by net inflows at the company’s wealth and asset-management unit. Manulife Q2 earnings report
• Positive Sentiment: Manulife announced a C$3.2 billion long-term-care reinsurance transaction with Munich Re. The deal should transfer some insurance risk and may improve capital and balance-sheet management. Manulife Munich Re reinsurance transaction
• Positive Sentiment: Analysts raised their targets following the results: Desjardins increased its target to C$68 with a buy rating, Scotia and RBC raised theirs to C$67, and BMO lifted its target to C$70 while retaining an outperform rating. These targets imply roughly 8% to 13% potential upside from the recent trading level. Manulife analyst target increases
• Neutral Sentiment: TD also raised its target to C$67 and assigned a buy rating, but Barclays increased its target only to C$59 and maintained an equal-weight rating, highlighting disagreement about near-term valuation and upside. TD and Barclays analyst ratings

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.