Manulife Financial (TSE:MFC) PT Set at C$51.00 by Royal Bank of Canada

Royal Bank of Canada set a C$51.00 price target on Manulife Financial (TSE:MFC - Free Report) NYSE: MFC in a research report report published on Tuesday,BayStreet.CA reports. The firm currently has an outperform rating on the financial services provider's stock.

A number of other brokerages have also weighed in on MFC. TD Securities lifted their target price on shares of Manulife Financial from C$48.00 to C$49.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. Barclays cut their price objective on Manulife Financial from C$49.00 to C$45.00 in a research report on Friday, April 11th. Jefferies Financial Group increased their target price on Manulife Financial from C$50.00 to C$51.00 in a research report on Thursday, January 30th. Finally, CIBC lifted their price target on Manulife Financial from C$47.00 to C$48.00 in a research report on Friday, February 21st. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Manulife Financial currently has an average rating of "Moderate Buy" and an average price target of C$46.60.

Manulife Financial Stock Performance

Shares of Manulife Financial stock traded down C$0.01 during midday trading on Tuesday, reaching C$39.65. 3,587,240 shares of the company's stock traded hands, compared to its average volume of 6,951,722. The company has a market cap of C$69.55 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06. The stock has a 50 day moving average of C$42.35 and a 200-day moving average of C$43.06. Manulife Financial has a 12 month low of C$31.43 and a 12 month high of C$46.42.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 19th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Manulife Financial's previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 4.44%. Manulife Financial's dividend payout ratio (DPR) is presently 49.79%.

Insider Transactions at Manulife Financial

In related news, Director Brooks Tingle sold 3,866 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of C$43.43, for a total transaction of C$167,882.21. Also, Director Kenneth Michael Ross sold 3,219 shares of Manulife Financial stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of C$44.91, for a total value of C$144,572.68. Insiders sold a total of 18,683 shares of company stock valued at $816,102 in the last quarter. 0.03% of the stock is owned by insiders.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.