Manulife Financial (TSE:MFC) Given New C$34.00 Price Target at Canaccord Genuity

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Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price raised by research analysts at Canaccord Genuity from C$33.00 to C$34.00 in a research report issued to clients and investors on Friday, BayStreet.CA reports. Canaccord Genuity’s target price suggests a potential upside of 30.12% from the company’s previous close.

Several other brokerages also recently issued reports on MFC. Evercore ISI lowered their price target on Manulife Financial from C$24.50 to C$24.00 in a report on Thursday, August 8th. National Bank Financial lowered their price target on Manulife Financial from C$27.00 to C$26.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a C$30.00 price target on shares of Manulife Financial in a report on Friday, August 9th. Cormark increased their price target on Manulife Financial from C$30.00 to C$31.00 in a report on Friday, August 9th. Finally, TD Securities increased their price target on Manulife Financial from C$31.00 to C$32.00 and gave the company a “buy” rating in a report on Thursday.

Shares of TSE MFC opened at C$26.13 on Friday. Manulife Financial has a 12-month low of C$18.33 and a 12-month high of C$26.44. The company has a market cap of $50.42 billion and a P/E ratio of 9.15. The company has a current ratio of 4.96, a quick ratio of 1.88 and a debt-to-equity ratio of 42.05. The stock has a fifty day moving average price of C$24.30 and a 200 day moving average price of C$23.67.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported C$0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.72. The company had revenue of C$22.20 billion during the quarter. On average, sell-side analysts forecast that Manulife Financial will post 3.1400002 EPS for the current fiscal year.

In other Manulife Financial news, Director Brian Collins sold 1,962 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$21.98, for a total value of C$43,123.19. Also, Senior Officer Steve Finch sold 14,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$21.98, for a total transaction of C$313,357.45. Following the completion of the transaction, the insider now directly owns 6,214 shares of the company’s stock, valued at C$136,578.75.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.

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