Manulife Financial (TSE:MFC) Stock Rating Lowered by Scotiabank

Key Points

• Scotiabank downgraded Manulife Financial from “sector outperform” to “sector perform,” while maintaining a C$67 price target, implying approximately 7.17% upside from the prior close.
• Analyst sentiment remains broadly positive: Manulife has a consensus “Moderate Buy” rating from 11 analysts and an average target price of C$66.45, with several firms recently raising their targets.
• Shares fell 1.1% to C$62.52. The company recently reported quarterly EPS of C$1.09 on C$20.34 billion in revenue, while an insider sold 6,843 shares for approximately C$424,677.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC was downgraded by equities research analysts at Scotiabank from a "sector outperform" rating to a "sector perform" rating in a research note issued to investors on Wednesday, BayStreet reports. They currently have a C$67.00 price target on the financial services provider's stock. Scotiabank's price target indicates a potential upside of 7.17% from the company's previous close.

Several other research firms also recently issued reports on MFC. Scotia lifted their price target on shares of Manulife Financial from C$61.00 to C$67.00 and gave the stock a "sector outperform" rating in a research note on Friday, August 7th. Barclays upped their price objective on shares of Manulife Financial from C$56.00 to C$59.00 and gave the company an "equal weight" rating in a research report on Thursday, August 6th. Desjardins raised their target price on Manulife Financial from C$63.00 to C$68.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Royal Bank Of Canada raised their target price on Manulife Financial from C$55.00 to C$67.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Finally, BMO Capital Markets lifted their target price on Manulife Financial from C$67.00 to C$70.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Manulife Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of C$66.45.

Manulife Financial Stock Down 1.1%

TSE MFC traded down C$0.68 on Wednesday, reaching C$62.52. The company had a trading volume of 1,961,359 shares, compared to its average volume of 5,729,945. The company has a debt-to-equity ratio of 26.52, a current ratio of 2.36 and a quick ratio of 2.58. Manulife Financial has a 1 year low of C$44.23 and a 1 year high of C$63.98. The firm has a 50-day moving average of C$60.99 and a 200-day moving average of C$55.38. The firm has a market capitalization of C$103.43 billion, a PE ratio of 16.94, a P/E/G ratio of 1.01 and a beta of 0.59.

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

Insider Activity

In other Manulife Financial news, insider Patrick David Graham sold 6,843 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of C$62.06, for a total transaction of C$424,676.58. Company 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.

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