Manulife Financial (TSE:MFC) Given a C$51.00 Price Target by Royal Bank of Canada Analysts

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

Several other analysts also recently issued reports on the company. TD Securities lifted their price objective 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. Jefferies Financial Group boosted their price objective on shares of Manulife Financial from C$50.00 to C$51.00 in a report on Thursday, January 30th. Barclays lowered their target price on Manulife Financial from C$49.00 to C$45.00 in a research note on Friday, April 11th. Finally, CIBC boosted their price target on Manulife Financial from C$47.00 to C$48.00 in a research note on Friday, February 21st. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Manulife Financial has a consensus rating of “Moderate Buy” and a consensus price target of C$46.60.

Manulife Financial Stock Up 1.4 %

MFC stock opened at C$40.49 on Tuesday. The business has a fifty day simple moving average of C$42.54 and a 200-day simple moving average of C$43.09. The company has a market cap of C$71.02 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.01 and a beta of 1.06. Manulife Financial has a 52 week low of C$31.24 and a 52 week high of C$46.42.

Manulife Financial Increases Dividend

The business also recently announced 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 was Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 4.35%. Manulife Financial’s dividend payout ratio is 49.79%.

Insider Transactions at Manulife Financial

In other Manulife Financial news, Director Kenneth Michael Ross sold 3,219 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of C$44.91, for a total transaction of C$144,572.68. Also, Senior Officer Steve Finch sold 11,598 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of C$43.43, for a total transaction of C$503,646.63. Over the last quarter, insiders sold 18,683 shares of company stock worth $816,102. Insiders own 0.03% of the company’s stock.

About Manulife Financial

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.