Manulife Financial (TSE:MFC) Stock Gets Downgrade from Scotiabank

Manulife Financial (TSE:MFC) (NYSE:MFC) was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “hold” rating in a report issued on Wednesday, Marketbeat reports. They currently have a C$67.00 target price on the financial services provider’s stock. Scotiabank‘s target price would suggest a potential upside of 6.91% from the company’s previous close.

MFC has been the subject of several other reports. Canadian Imperial Bank of Commerce lifted their price target on Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. Jefferies Financial Group increased their price objective on Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Desjardins raised their target price on Manulife Financial from C$63.00 to C$68.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. TD lifted their target price on Manulife Financial from C$65.00 to C$67.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Royal Bank Of Canada lifted their target price on Manulife Financial from C$55.00 to C$67.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of C$66.45.

Manulife Financial Stock Performance

Shares of MFC stock opened at C$62.67 on Wednesday. The firm’s 50 day moving average is C$61.02 and its 200 day moving average is C$55.43. The stock has a market capitalization of C$103.67 billion, a P/E ratio of 16.98, a PEG ratio of 1.01 and a beta of 0.59. Manulife Financial has a 12 month low of C$44.23 and a 12 month high of C$63.98. The company has a current ratio of 2.36, a quick ratio of 2.58 and a debt-to-equity ratio of 26.52.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share for the quarter. Manulife Financial had a net margin of 11.62% and a return on equity of 12.98%. The business had revenue of C$20.34 billion during the quarter. On average, sell-side analysts anticipate that Manulife Financial will post 3.61 earnings per share for the current year.

Insiders Place Their Bets

In other Manulife Financial news, insider Patrick David Graham sold 6,843 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$62.06, for a total value of C$424,676.58. 0.03% of the stock is owned by corporate insiders.

Manulife Financial Company Profile

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.