Manulife Financial (TSE:MFC) Price Target Raised to C$59.00 at Barclays

Key Points

• Barclays raised Manulife Financial’s price target to C$59 from C$56 while maintaining an “equal weight” rating, implying roughly 6.1% downside from the prior close.
• Analyst sentiment remains broadly positive: Manulife has an average “Buy” rating and a consensus target price of C$63, with several firms setting targets between C$61 and C$70.
• Manulife shares rose 0.6% to C$62.81, near their 52-week high of C$63.58. The company recently reported quarterly EPS of C$1.09 and revenue of C$20.34 billion, while insiders sold approximately 136,834 shares over the past three months.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective raised by equities researchers at Barclays from C$56.00 to C$59.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Barclays's price target suggests a potential downside of 6.07% from the company's previous close.

A number of other equities research analysts have also issued reports on the company. Desjardins set a C$58.00 price target on Manulife Financial and gave the company a "buy" rating in a research report on Friday, April 17th. TD boosted their price objective on Manulife Financial from C$65.00 to C$67.00 and gave the stock a "buy" rating in a research note on Thursday. Scotiabank raised their price objective on shares of Manulife Financial from C$56.00 to C$61.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 15th. Jefferies Financial Group lifted their target price on shares of Manulife Financial from C$61.00 to C$70.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Finally, National Bank Financial boosted their target price on shares of Manulife Financial from C$59.00 to C$69.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Manulife Financial has an average rating of "Buy" and a consensus target price of C$63.00.

Manulife Financial Stock Up 0.6%

Shares of TSE:MFC traded up C$0.37 during trading on Thursday, hitting C$62.81. 2,135,341 shares of the stock traded hands, compared to its average volume of 6,013,620. Manulife Financial has a 52-week low of C$41.08 and a 52-week high of C$63.58. The company has a fifty day moving average price of C$58.04 and a two-hundred day moving average price of C$53.13. The company has a market cap of C$104.38 billion, a price-to-earnings ratio of 18.10, a P/E/G 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, August 5th. The financial services provider reported C$1.09 earnings per share for the quarter. The business had revenue of C$20.34 billion during the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. On average, equities research analysts predict that Manulife Financial will post 3.6104452 EPS for the current fiscal year.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Director Aimee Decamillo sold 18,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of C$51.77, for a total value of C$931,860.00. Following the completion of the transaction, the director owned 4,996 shares of the company's stock, valued at C$258,642.92. This trade represents a 78.27% decrease in their position. Also, Director Eileen Cloherty sold 6,500 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the completion of the transaction, the director owned 3,412 shares of the company's stock, valued at approximately C$182,371.40. This trade represents a 65.58% decrease in their position. In 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.

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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