Manulife Financial (TSE:MFC) Issues Quarterly Earnings Results

Manulife Financial (TSE:MFC) (NYSE:MFC) issued its earnings results on Wednesday. The financial services provider reported C$1.09 EPS for the quarter, FiscalAI reports. The business had revenue of C$20.34 billion for the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%.

Manulife Financial Trading Down 0.9%

Shares of MFC stock opened at C$62.44 on Thursday. Manulife Financial has a 12 month low of C$41.08 and a 12 month high of C$63.02. The stock has a market cap of C$103.77 billion, a P/E ratio of 17.99, a P/E/G ratio of 1.01 and a beta of 0.71. The company has a 50 day simple moving average of C$58.04 and a two-hundred day simple moving average of C$53.13.

Insider Buying and Selling at Manulife Financial

In other news, insider Rahul Madhav Joshi sold 50,000 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the completion of the sale, the insider directly owned 27,186 shares in the company, valued at C$1,461,519.36. This represents a 64.78% decrease in their position. Also, Director Aimee Decamillo sold 18,000 shares of the firm’s stock in a transaction 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 approximately C$258,642.92. This represents a 78.27% 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 three months. Insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MFC shares. 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. National Bank Financial increased their price objective 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. Jefferies Financial Group lifted 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. TD boosted their target price on Manulife Financial from C$58.00 to C$65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Desjardins set a C$58.00 target price on shares of Manulife Financial and gave the company a “buy” rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$62.00.

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.