Manulife Financial (NYSE:MFC) Price Target Lowered to C$28.00 at Scotiabank

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) had its price objective dropped by equities researchers at Scotiabank from C$30.00 to C$28.00 in a note issued to investors on Monday, The Fly reports.

MFC has been the topic of a number of other research reports. StockNews.com cut shares of Manulife Financial from a “buy” rating to a “hold” rating in a research note on Thursday, April 14th. Desjardins boosted their target price on shares of Manulife Financial from C$29.00 to C$30.00 in a report on Monday, February 14th. BMO Capital Markets boosted their target price on shares of Manulife Financial from C$35.00 to C$37.00 in a report on Friday, February 11th. Barclays began coverage on shares of Manulife Financial in a report on Thursday, February 3rd. They issued an “overweight” rating and a $36.00 target price on the stock. Finally, Zacks Investment Research restated a “hold” rating on shares of Manulife Financial in a report on Thursday, March 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.09.

Shares of Manulife Financial stock traded down $0.34 on Monday, hitting $19.22. 319,401 shares of the company’s stock were exchanged, compared to its average volume of 4,213,313. The company has a 50-day simple moving average of $20.55 and a 200-day simple moving average of $20.09. The stock has a market capitalization of $37.07 billion, a PE ratio of 6.77, a PEG ratio of 0.71 and a beta of 1.25. Manulife Financial has a 1 year low of $17.66 and a 1 year high of $22.19.

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last released its earnings results on Wednesday, February 9th. The financial services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.02. The firm had revenue of $17.14 billion for the quarter. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts predict that Manulife Financial will post 2.76 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Atria Investments LLC purchased a new stake in shares of Manulife Financial in the 1st quarter worth approximately $1,164,000. Jones Financial Companies Lllp lifted its position in shares of Manulife Financial by 52.5% in the 1st quarter. Jones Financial Companies Lllp now owns 6,764 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 2,328 shares during the period. Signaturefd LLC lifted its position in shares of Manulife Financial by 13.4% in the 1st quarter. Signaturefd LLC now owns 36,826 shares of the financial services provider’s stock worth $786,000 after purchasing an additional 4,356 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Manulife Financial in the 1st quarter worth approximately $260,000. Finally, AustralianSuper Pty Ltd lifted its position in shares of Manulife Financial by 102.6% in the 1st quarter. AustralianSuper Pty Ltd now owns 2,147,532 shares of the financial services provider’s stock worth $45,784,000 after purchasing an additional 1,087,671 shares during the period. 47.04% of the stock is owned by institutional investors.

Manulife Financial Company Profile (Get Rating)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

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