Manulife Financial (TSE:MFC) Price Target Raised to C$70.00

Key Points

• BMO Capital Markets raised Manulife Financial’s price target to C$70 from C$67 and maintained an “outperform” rating, implying 13.12% upside from the prior close.
• Several other analysts also increased their targets, contributing to a consensus “Buy” rating and average price target of C$66.00.
• Manulife reported quarterly EPS of C$1.09 on C$20.34 billion in revenue; its shares recently traded at C$61.88, near the one-year high of C$63.58.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective raised by BMO Capital Markets from C$67.00 to C$70.00 in a report released on Friday,BayStreet.CA reports. The firm presently has an "outperform" rating on the financial services provider's stock. BMO Capital Markets' price target would suggest a potential upside of 13.12% from the company's previous close.

MFC has been the topic of a number of other research reports. Desjardins increased 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. Barclays increased their price objective on Manulife Financial from C$56.00 to C$59.00 and gave the company an "equal weight" rating in a research report on Thursday. Royal Bank Of Canada raised their price objective on Manulife Financial from C$55.00 to C$67.00 and gave the company an "outperform" rating in a report on Friday. TD boosted their target price on Manulife Financial from C$65.00 to C$67.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Jefferies Financial Group increased their price target on shares of Manulife Financial from C$61.00 to C$70.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of C$66.00.

Manulife Financial Stock Performance

Manulife Financial stock traded down C$0.64 during mid-day trading on Friday, hitting C$61.88. 1,206,204 shares of the company traded hands, compared to its average volume of 6,002,304. Manulife Financial has a one year low of C$41.08 and a one year high of C$63.58. The stock has a market cap of C$102.84 billion, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The stock has a fifty day moving average price of C$58.24 and a 200-day moving average price of C$53.20.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 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%. Sell-side analysts predict that Manulife Financial will post 3.6104452 EPS for the current year.

Insider Activity

In other news, Director Eileen Cloherty sold 6,500 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the completion of the sale, the director directly owned 3,412 shares in the company, valued at approximately C$182,371.40. This represents a 65.58% decrease in their ownership of the stock. Also, Director Anthony Alex Silva bought 2,334 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was acquired at an average cost of C$53.16 per share, for a total transaction of C$124,075.44. Following the completion of the purchase, the director directly owned 8,175 shares of the company's stock, valued at C$434,583. The trade was a 39.96% increase in their ownership of the stock. In the last three months, insiders sold 136,834 shares of company stock valued at $7,311,659. 0.03% of the stock is currently owned by 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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