Manulife Financial (TSE:MFC) Price Target Cut to C$68.00 by Analysts at National Bank Financial

Key Points

• National Bank Financial lowered Manulife Financial’s price target from C$69.00 to C$68.00 while maintaining an “outperform” rating, implying 9.38% potential upside from the prior close.
• Analyst sentiment remains positive: 10 analysts rate the stock a Buy and one rates it Hold, resulting in a “Moderate Buy” consensus and an average price target of C$65.91.
• Manulife shares fell 0.8% to C$62.17 in Monday trading. The company recently reported quarterly earnings of C$1.09 per share on C$20.34 billion in revenue.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price target reduced by analysts at National Bank Financial from C$69.00 to C$68.00 in a research report issued on Monday, BayStreet reports. The firm currently has an "outperform" rating on the financial services provider's stock. National Bank Financial's target price points to a potential upside of 9.38% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on MFC. Canadian Imperial Bank of Commerce upped their price objective on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Scotiabank lifted their target price on Manulife Financial from C$56.00 to C$61.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 15th. TD boosted their target price on shares of Manulife Financial from C$65.00 to C$67.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Jefferies Financial Group increased their price target on shares of Manulife Financial from C$61.00 to C$70.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Finally, Scotia increased their price target on shares of Manulife Financial from C$61.00 to C$67.00 and gave the company a "sector outperform" rating in a research report on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of C$65.91.

Manulife Financial Stock Down 0.8%

MFC stock traded down C$0.50 during trading on Monday, hitting C$62.17. 1,125,394 shares of the company's stock traded hands, compared to its average volume of 5,819,226. The firm has a market capitalization of C$102.85 billion, a P/E ratio of 16.85, a PEG ratio of 1.01 and a beta of 0.59. Manulife Financial has a 1 year low of C$44.23 and a 1 year high of C$63.58. The company has a quick ratio of 2.58, a current ratio of 2.36 and a debt-to-equity ratio of 26.52. The business has a fifty day simple moving average of C$60.78 and a two-hundred day simple moving average of C$57.43.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last posted its earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share for the quarter. The company had revenue of C$20.34 billion during the quarter. Manulife Financial had a return on equity of 12.98% and a net margin of 11.62%. Sell-side analysts anticipate that Manulife Financial will post 3.61 EPS for the current year.

Insider Activity at Manulife Financial

In other news, insider Patrick David Graham sold 6,843 shares of the firm's stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$62.06, for a total value of C$424,676.58. Corporate 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.

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