Canadian Imperial Bank of Commerce Issues Positive Forecast for Manulife Financial (TSE:MFC) Stock Price

Key Points

• Canadian Imperial Bank of Commerce raised its price target on Manulife Financial to C$69.00 from C$61.00, implying about 14% upside from the current price.
• Analyst sentiment remains positive overall, with the stock carrying a “Buy” consensus and an average price target of C$58.78 across Wall Street coverage.
• Manulife shares were trading near their 52-week high at C$60.49, while the company recently reported quarterly EPS of C$1.06 and revenue of C$2.15 billion.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective hoisted by analysts at Canadian Imperial Bank of Commerce from C$61.00 to C$69.00 in a research report issued on Wednesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price target indicates a potential upside of 14.07% from the stock's current price.

Several other equities research analysts have also commented on the stock. Desjardins set a C$58.00 price target on shares of Manulife Financial and gave the company a "buy" rating in a research note on Friday, April 17th. TD reduced their price objective on Manulife Financial from C$59.00 to C$58.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Finally, National Bank Financial increased their price objective on 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 analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of C$58.78.

Manulife Financial Price Performance

Shares of MFC stock traded up C$1.82 during trading hours 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 twelve month low of C$41.08 and a twelve month high of C$60.52. The firm has a 50-day simple moving average of C$55.46 and a 200-day simple moving average of C$51.92. The firm has a market capitalization of C$100.53 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last issued its quarterly earnings data on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share for the quarter. The firm 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 analysts anticipate that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Activity at Manulife Financial

In other Manulife Financial news, insider Rahul Madhav Joshi sold 25,000 shares of the firm'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 transaction, the insider owned 77,185 shares of the company's stock, valued at approximately C$4,190,373.65. This trade represents a 24.47% decrease in their position. Also, Director Anthony Alex Silva sold 1,100 shares of the business's 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 sale, the director owned 7,075 shares in the company, valued at C$376,177.75. This trade represents a 13.46% decrease in their ownership of the stock. Over the last three months, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is owned by company insiders.

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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