Brokerages Set Manulife Financial Co. (TSE:MFC) Target Price at C$58.78

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) have been given an average rating of “Buy” by the ten brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is C$60.89.

MFC has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce raised their price objective on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. TD increased their target price on Manulife Financial from C$58.00 to C$65.00 and gave the company a “buy” rating in a report on Tuesday. Scotiabank increased their target price on Manulife Financial from C$56.00 to C$61.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 15th. Jefferies Financial Group raised their price target on Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, 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.

Manulife Financial Trading Up 1.1%

TSE:MFC opened at C$60.41 on Friday. The firm has a 50-day moving average price of C$56.05 and a two-hundred day moving average price of C$52.29. Manulife Financial has a twelve month low of C$41.08 and a twelve month high of C$61.18. The company has a market capitalization of C$100.40 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share (EPS) for the quarter. The company had revenue of C$2.15 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. On average, equities research analysts predict that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Anthony Alex Silva sold 1,100 shares of Manulife Financial stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of C$53.17, for a total transaction of C$58,487.00. Following the completion of the sale, the director owned 7,075 shares in the company, valued at approximately C$376,177.75. This trade represents a 13.46% decrease in their position. Also, insider Rahul Madhav Joshi sold 25,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of C$54.29, for a total transaction of C$1,357,250.00. Following the completion of the transaction, the insider directly owned 77,185 shares of the company’s stock, valued at C$4,190,373.65. The trade was a 24.47% decrease in their position. In the last 90 days, insiders have sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is owned by company 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.