Manulife Financial (TSE:MFC) Sets New 52-Week High After Analyst Upgrade

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s stock price hit a new 52-week high during trading on Friday after National Bank Financial raised their price target on the stock from C$59.00 to C$69.00. National Bank Financial currently has an outperform rating on the stock. Manulife Financial traded as high as C$61.67 and last traded at C$61.40, with a volume of 876603 shares traded. The stock had previously closed at C$60.69.

MFC has been the subject of several other reports. Canadian Imperial Bank of Commerce upped their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. TD boosted their target price on Manulife Financial from C$58.00 to C$65.00 and gave the company a “buy” rating in a research note on Tuesday. Scotiabank increased their target price on 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. Desjardins set a C$58.00 price target on Manulife Financial and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, Jefferies Financial Group raised their price target on Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Manulife Financial currently has an average rating of “Buy” and a consensus price target of C$62.00.

Insider Activity

In other Manulife Financial news, insider Rahul Madhav Joshi sold 25,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of C$54.29, for a total value of C$1,357,250.00. Following the transaction, the insider owned 77,185 shares in the company, valued at approximately C$4,190,373.65. The trade was a 24.47% decrease in their ownership of the stock. Also, Director Eileen Cloherty sold 6,500 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the transaction, the director directly owned 3,412 shares of the company’s stock, valued at approximately C$182,371.40. This trade represents a 65.58% decrease in their ownership of the stock. Insiders sold 136,834 shares of company stock worth $7,311,659 in the last quarter. Insiders own 0.03% of the company’s stock.

Manulife Financial Trading Up 1.4%

The firm has a market cap of C$102.31 billion, a PE ratio of 17.74, a PEG ratio of 1.01 and a beta of 0.71. The firm has a fifty day simple moving average of C$56.55 and a two-hundred day simple moving average of C$52.50.

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

Manulife Financial Company Profile

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.