Manulife Financial (TSE:MFC) Price Target Raised to C$69.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price boosted by equities research analysts at Canadian Imperial Bank of Commerce from C$61.00 to C$69.00 in a note issued to investors on Wednesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s price target would indicate a potential upside of 14.07% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. TD lowered their price objective on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. 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. Finally, National Bank Financial raised their target price on shares of Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$58.78.

Manulife Financial Price Performance

Shares of MFC traded up C$1.82 during midday trading on Wednesday, reaching C$60.49. The stock had a trading volume of 1,683,778 shares, compared to its average volume of 6,153,132. Manulife Financial has a 52 week low of C$41.08 and a 52 week high of C$60.52. The firm’s 50 day moving average price is C$55.46 and its 200-day moving average price is C$51.92. The company has a market capitalization of C$100.53 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.01 and a beta of 0.71.

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

Insider Activity

In other news, insider Rahul Madhav Joshi sold 50,000 shares of Manulife Financial stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the transaction, the insider directly owned 27,186 shares of the company’s stock, valued at C$1,461,519.36. This trade represents a 64.78% decrease in their ownership of the stock. Also, Director Eileen Cloherty sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the sale, the director owned 3,412 shares in the company, valued at C$182,371.40. This represents a 65.58% decrease in their position. In the last three months, insiders have sold 136,834 shares of company stock valued at $7,311,659. Corporate insiders own 0.03% of the company’s stock.

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.