Manulife Financial (TSE:MFC) Price Target Raised to C$59.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective hoisted by Barclays from C$56.00 to C$59.00 in a report released on Thursday morning,BayStreet.CA reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other research analysts have also issued reports about the stock. Canadian Imperial Bank of Commerce lifted their price objective on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Jefferies Financial Group increased their target price on Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Desjardins set a C$58.00 price target on Manulife Financial and gave the stock a “buy” rating in a report on Friday, April 17th. National Bank Financial lifted their price target on Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Finally, TD boosted 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 given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$66.00.

Manulife Financial Stock Down 1.2%

MFC opened at C$61.78 on Thursday. The company has a market capitalization of C$102.67 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.01 and a beta of 0.71. The firm has a 50-day moving average price of C$58.42 and a 200-day moving average price of C$53.26. 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 posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. The company had revenue of C$20.34 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. On average, sell-side analysts expect that Manulife Financial will post 3.6104452 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Aimee Decamillo sold 18,000 shares of the company’s 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 owned 4,996 shares of the company’s stock, valued at approximately C$258,642.92. This represents a 78.27% decrease in their position. Also, Director Eileen Cloherty sold 6,500 shares of the 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 transaction of C$347,425.00. Following the completion of the sale, the director owned 3,412 shares in the company, valued at C$182,371.40. This represents a 65.58% decrease in their ownership of the stock. Insiders have sold a total of 136,834 shares of company stock valued at $7,311,659 over the last ninety days. 0.03% of the stock is owned by insiders.

More 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.