Manulife Financial (TSE:MFC) Announces Earnings Results

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

Manulife Financial Stock Down 0.9%

Shares of TSE MFC traded down C$0.54 during trading on Wednesday, reaching C$62.44. 10,984,577 shares of the stock were exchanged, compared to its average volume of 6,040,511. The company has a market capitalization of C$103.77 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The business’s 50-day moving average price is C$57.86 and its 200 day moving average price is C$53.05. Manulife Financial has a twelve month low of C$41.08 and a twelve month high of C$63.02.

Analysts Set New Price Targets

Several research firms recently weighed in on MFC. TD lifted their target price on shares of Manulife Financial from C$58.00 to C$65.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Jefferies Financial Group increased their price target on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. National Bank Financial raised 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. Desjardins set a C$58.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, Canadian Imperial Bank of Commerce upped their target price on Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Manulife Financial currently has a consensus rating of “Buy” and an average price target of C$62.00.

Insider Activity

In related news, Director Aimee Decamillo sold 18,000 shares of Manulife Financial stock in a transaction 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 C$258,642.92. The trade was a 78.27% decrease in their position. Also, Director Anthony Alex Silva sold 1,100 shares of the business’s stock in a transaction on 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 transaction, the director owned 7,075 shares in the company, valued at C$376,177.75. This represents a 13.46% decrease in their position. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 in the last 90 days. Company insiders own 0.03% of the company’s stock.

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.