Manulife Financial (TSE:MFC) Price Target Raised to C$68.00

Key Points

• Desjardins raised Manulife Financial’s price target to C$68 from C$63 and maintained a “buy” rating, implying 9.89% upside from the previous close.
• Analyst sentiment remains positive, with a consensus “buy” rating and an average price target of C$66; several firms recently raised their targets to between C$67 and C$70.
• Manulife shares fell 1.0% to C$61.88, while the company recently reported quarterly EPS of C$1.09 on C$20.34 billion in revenue. Insiders have sold 136,834 shares worth about C$7.31 million over the past 90 days.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective hoisted by analysts at Desjardins from C$63.00 to C$68.00 in a research report issued on Friday,BayStreet.CA reports. The firm presently has a "buy" rating on the financial services provider's stock. Desjardins' target price would suggest a potential upside of 9.89% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the stock. Jefferies Financial Group upped their price objective on shares of Manulife Financial from C$61.00 to C$70.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Barclays upped their target price on Manulife Financial from C$56.00 to C$59.00 and gave the company an "equal weight" rating in a report on Thursday. TD increased their price target on Manulife Financial from C$65.00 to C$67.00 and gave the company a "buy" rating in a research report on Thursday. National Bank Financial boosted their price objective on Manulife Financial from C$59.00 to C$69.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Manulife Financial has a consensus rating of "Buy" and a consensus price target of C$66.00.

Manulife Financial Stock Down 1.0%

TSE MFC traded down C$0.64 on Friday, reaching C$61.88. The company had a trading volume of 1,206,204 shares, compared to its average volume of 6,002,304. The company's fifty day moving average is C$58.24 and its 200 day moving average is C$53.20. Manulife Financial has a 52-week low of C$41.08 and a 52-week high of C$63.58. The stock has a market capitalization of C$102.84 billion, a P/E ratio of 17.83, a P/E/G ratio of 1.01 and a beta of 0.71.

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. The firm had revenue of C$20.34 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. On average, research analysts expect that Manulife Financial will post 3.6104452 EPS for the current year.

Insider Activity at Manulife Financial

In related news, Director Anthony Alex Silva sold 1,100 shares of Manulife Financial stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of C$53.17, for a total value of C$58,487.00. Following the sale, the director owned 7,075 shares of the company's stock, valued at approximately C$376,177.75. The trade was a 13.46% decrease in their position. Also, Director Eileen Cloherty sold 6,500 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total value of C$347,425.00. Following the completion of the transaction, the director owned 3,412 shares in the company, valued at approximately C$182,371.40. The trade was a 65.58% decrease in their position. In the last 90 days, insiders have sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is currently 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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