Desjardins Reiterates "C$58.00" Price Target for Manulife Financial (TSE:MFC)

Key Points

• Desjardins reiterated a C$58.00 price target and a Buy rating on Manulife, implying roughly an 8.98% upside from the stock's recent price.
• Analyst consensus remains positive with an average target of C$56.00 and the majority of ratings at Buy (1 Strong Buy, 6 Buy, 1 Hold); several banks recently raised targets, including CIBC to C$58 and RBC to C$55.
• Manulife traded at C$53.22 midday (market cap C$89.21B) and recently reported quarterly EPS of C$1.12 on C$22.03B in revenue, with a P/E of 17.34.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC has been assigned a C$58.00 price objective by research analysts at Desjardins in a report issued on Friday,BayStreet.CA reports. The firm currently has a "buy" rating on the financial services provider's stock. Desjardins' target price would suggest a potential upside of 8.98% from the stock's current price.

MFC has been the topic of a number of other research reports. Canadian Imperial Bank of Commerce raised Manulife Financial from a "hold" rating to an "outperform" rating and raised their target price for the company from C$50.00 to C$58.00 in a report on Thursday, January 8th. Barclays raised their target price on Manulife Financial from C$49.00 to C$52.00 in a report on Friday, January 9th. TD Securities reduced their price objective on Manulife Financial from C$60.00 to C$59.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Royal Bank Of Canada raised their price objective on Manulife Financial from C$52.00 to C$55.00 and gave the stock an "outperform" rating in a research report on Friday, February 13th. Finally, Scotiabank raised their price objective on Manulife Financial from C$55.00 to C$56.00 and gave the stock an "outperform" rating in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of C$56.00.

Manulife Financial Stock Performance

MFC traded up C$0.24 during midday trading on Friday, reaching C$53.22. The company's stock had a trading volume of 1,098,011 shares, compared to its average volume of 5,973,685. The stock has a market cap of C$89.21 billion, a P/E ratio of 17.34, a PEG ratio of 1.01 and a beta of 0.71. The company has a fifty day simple moving average of C$48.70 and a 200 day simple moving average of C$48.49. The company has a current ratio of 2.12, a quick ratio of 2.58 and a debt-to-equity ratio of 28.80. Manulife Financial has a twelve month low of C$38.93 and a twelve month high of C$53.60.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last released its earnings results on Wednesday, February 11th. The financial services provider reported C$1.12 earnings per share (EPS) for the quarter. The firm had revenue of C$22.03 billion for the quarter. Manulife Financial had a return on equity of 11.34% and a net margin of 10.91%. Research analysts expect that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Activity

In other news, Director Adam Thomas Wise sold 3,500 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of C$46.47, for a total value of C$162,645.00. Following the completion of the transaction, the director directly owned 2,497 shares of the company's stock, valued at approximately C$116,035.59. This represents a 58.36% decrease in their position. 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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