National Bank Financial Boosts Manulife Financial (TSE:MFC) Price Target to C$69.00

Key Points

• National Bank Financial raised its price target on Manulife Financial to C$69.00 from C$59.00 and maintained an outperform rating, implying about 13.9% upside from the current share price.
• Other analysts have also turned more bullish, with several firms lifting targets and issuing buy ratings. The stock now carries a consensus Buy rating and an average price target of C$62.00.
• Manulife shares were trading at C$60.57 on Thursday, near their 52-week high of C$61.18. The company recently reported quarterly EPS of C$1.06 and revenue of C$2.15 billion.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its target price raised by research analysts at National Bank Financial from C$59.00 to C$69.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the financial services provider's stock. National Bank Financial's target price would indicate a potential upside of 13.92% from the company's current price.

Several other analysts have also recently issued reports on MFC. TD upped their target price on Manulife Financial from C$58.00 to C$65.00 and gave the company a "buy" rating in a report on Tuesday. Canadian Imperial Bank of Commerce boosted their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. Jefferies Financial Group upped their price objective 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. Desjardins set a C$58.00 price objective on shares of Manulife Financial and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, Scotiabank boosted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Manulife Financial currently has a consensus rating of "Buy" and an average price target of C$62.00.

Manulife Financial Stock Performance

Shares of TSE:MFC traded down C$0.10 during trading on Thursday, reaching C$60.57. The stock had a trading volume of 1,196,773 shares, compared to its average volume of 6,012,459. The business has a fifty day moving average price of C$56.17 and a 200-day moving average price of C$52.36. Manulife Financial has a 1-year low of C$41.08 and a 1-year high of C$61.18. The stock has a market cap of C$100.66 billion, a PE ratio of 17.46, a PEG ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last released its earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share for the quarter. The business had revenue of C$2.15 billion for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. Sell-side analysts expect 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 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 transaction, 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 position. Also, Director Anthony Alex Silva acquired 2,334 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were bought at an average cost of C$53.16 per share, with a total value of C$124,075.44. Following the transaction, the director directly owned 8,175 shares in the company, valued at C$434,583. This trade represents a 39.96% increase in their position. Over the last ninety days, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is owned by corporate insiders.

About Manulife Financial

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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