Manulife Financial (TSE:MFC) Price Target Raised to C$61.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price raised by Scotiabank from C$56.00 to C$61.00 in a research report released on Wednesday,BayStreet.CA reports. The brokerage currently has a sector outperform rating on the financial services provider’s stock.

A number of other analysts also recently commented on MFC. Desjardins set a C$58.00 price objective on shares of Manulife Financial and gave the stock a “buy” rating in a report on Friday, April 17th. TD dropped their target price on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Canadian Imperial Bank of Commerce lifted their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday. Finally, National Bank Financial boosted their price target on Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of C$58.78.

Manulife Financial Stock Performance

TSE:MFC opened at C$60.74 on Wednesday. The stock has a fifty day moving average price of C$55.83 and a two-hundred day moving average price of C$52.13. The stock has a market capitalization of C$100.94 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 1.01 and a beta of 0.71. Manulife Financial has a 1 year low of C$41.08 and a 1 year high of C$61.01.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. The company had revenue of C$2.15 billion for the quarter. On average, analysts predict that Manulife Financial will post 3.6104452 EPS for the current year.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, insider Rahul Madhav Joshi sold 25,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of C$54.29, for a total transaction of C$1,357,250.00. Following the completion of the transaction, the insider directly owned 77,185 shares in the company, valued at approximately C$4,190,373.65. This trade represents a 24.47% decrease in their position. Also, Director Anthony Alex Silva sold 1,100 shares of Manulife Financial stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of C$53.17, for a total transaction of C$58,487.00. Following the transaction, the director owned 7,075 shares of the company’s stock, valued at approximately C$376,177.75. The trade was a 13.46% decrease in their position. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 in the last quarter. Insiders own 0.03% of the company’s stock.

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.