Manulife Financial (TSE:MFC) Sets New 1-Year High After Analyst Upgrade

Key Points

• Manulife Financial shares hit a new 52-week high after National Bank Financial raised its price target to C$69 from C$59 and kept an outperform rating. The stock traded as high as C$61.67 on Friday.
• Several other analysts also turned more bullish, with recent target increases from firms including CIBC, Jefferies, TD, and Scotiabank. Overall, Manulife now carries a consensus Buy rating and an average price target of C$62.00.
• Insiders have been selling shares, including notable transactions by Rahul Madhav Joshi and director Aimee Decamillo. In the last 90 days, insiders sold 136,834 shares worth about $7.3 million, while owning just 0.03% of the company.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC shares reached a new 52-week high during trading on Friday after National Bank Financial raised their price target on the stock from C$59.00 to C$69.00. National Bank Financial currently has an outperform rating on the stock. Manulife Financial traded as high as C$61.67 and last traded at C$61.40, with a volume of 876603 shares. The stock had previously closed at C$60.69.

A number of other analysts have also commented on the company. Desjardins set a C$58.00 price objective on Manulife Financial and gave the company a "buy" rating in a research note on Friday, April 17th. Canadian Imperial Bank of Commerce boosted their target price on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Jefferies Financial Group upped their target price on shares of Manulife Financial from C$61.00 to C$70.00 and gave the company a "buy" rating in a report on Tuesday. TD boosted their price objective on shares of Manulife Financial from C$58.00 to C$65.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Scotiabank upped their price objective on shares of Manulife Financial from C$56.00 to C$61.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Manulife Financial presently has an average rating of "Buy" and a consensus price target of C$62.00.

Insider Activity at Manulife Financial

In related news, insider Rahul Madhav Joshi sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the sale, the insider directly owned 27,186 shares of the company's stock, valued at approximately C$1,461,519.36. This trade represents a 64.78% decrease in their ownership of the stock. Also, Director Aimee Decamillo sold 18,000 shares of the business'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 transaction of C$931,860.00. Following the completion of the sale, the director owned 4,996 shares of the company's stock, valued at approximately C$258,642.92. The trade was a 78.27% decrease in their ownership of the stock. In the last 90 days, insiders have sold 136,834 shares of company stock valued at $7,311,659. Insiders own 0.03% of the company's stock.

Manulife Financial Stock Performance

The firm has a market capitalization of C$101.94 billion, a price-to-earnings ratio of 17.68, a P/E/G ratio of 1.01 and a beta of 0.71. The business has a fifty day moving average price of C$56.35 and a 200 day moving average price of C$52.44.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last issued its earnings results 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 return on equity of 12.60% and a net margin of 11.97%. On average, analysts expect that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

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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