Manulife Financial (TSE:MFC) Stock Price Expected to Rise, Scotia Analyst Says

Key Points

• Scotia raised Manulife Financial’s price target to C$67 from C$61 while maintaining a “sector outperform” rating, implying 8.27% upside from the reported C$61.88 share price.
• Analyst sentiment remains positive: Manulife has a consensus “Buy” rating and an average price target of C$66, with several firms recently increasing their targets.
• Manulife reported quarterly EPS of C$1.09 on C$20.34 billion in revenue, while insiders sold 136,834 shares worth approximately C$7.31 million over the past 90 days.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its target price boosted by research analysts at Scotia from C$61.00 to C$67.00 in a report issued on Friday,BayStreet.CA reports. The brokerage currently has a "sector outperform" rating on the financial services provider's stock. Scotia's price target suggests a potential upside of 8.27% from the company's current price.

A number of other research analysts have also issued reports on the stock. Jefferies Financial Group raised 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 research note on Tuesday, July 21st. Scotiabank upped their price target on shares of Manulife Financial from C$56.00 to C$61.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 15th. Desjardins raised their price target on Manulife Financial from C$63.00 to C$68.00 and gave the company a "buy" rating in a research report on Friday. Royal Bank Of Canada lifted their price objective on Manulife Financial from C$55.00 to C$67.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Barclays boosted their price objective on Manulife Financial from C$56.00 to C$59.00 and gave the stock an "equal weight" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Manulife Financial has a consensus rating of "Buy" and an average price target of C$66.00.

Manulife Financial Price Performance

Shares of MFC stock traded down C$0.64 during trading 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 firm's 50 day simple moving average is C$58.24 and its two-hundred day simple moving average is C$53.20. Manulife Financial has a one year low of C$41.08 and a one year high of C$63.58. The company has a market capitalization of C$102.84 billion, a PE ratio of 17.83, a PEG ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last announced its earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%.The firm had revenue of C$20.34 billion during the quarter. Analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Activity at Manulife Financial

In other news, Director Eileen Cloherty sold 6,500 shares of the business's 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 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. Also, insider Rahul Madhav Joshi sold 50,000 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of C$53.76, for a total transaction of C$2,688,000.00. Following the transaction, the insider directly owned 27,186 shares of the company's stock, valued at C$1,461,519.36. This represents a 64.78% decrease in their position. Insiders have sold 136,834 shares of company stock valued at $7,311,659 in the last 90 days. 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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