Manulife Financial (TSE:MFC) Price Target Raised to C$67.00 at Scotia

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective lifted by Scotia from C$61.00 to C$67.00 in a research report sent to investors on Friday,BayStreet.CA reports. They currently have a sector outperform rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on MFC. Desjardins increased their target price on Manulife Financial from C$63.00 to C$68.00 and gave the stock a “buy” rating in a report on Friday. TD boosted their price target on Manulife Financial from C$65.00 to C$67.00 and gave the company a “buy” rating in a research note on Thursday. National Bank Financial upped their price target on Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Royal Bank Of Canada upped their price target on Manulife Financial from C$55.00 to C$67.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Canadian Imperial Bank of Commerce increased their price objective on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of C$66.00.

Manulife Financial Stock Down 1.2%

TSE MFC opened at C$61.78 on Friday. Manulife Financial has a twelve month low of C$41.08 and a twelve month high of C$63.58. The stock has a market cap of C$102.67 billion, a P/E ratio of 17.80, a PEG ratio of 1.01 and a beta of 0.71. The company’s 50-day simple moving average is C$58.42 and its 200 day simple moving average is C$53.26.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 EPS for the quarter. The firm had revenue of C$20.34 billion during the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.60%. Research analysts anticipate that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Activity

In other Manulife Financial news, 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 sale, the director directly owned 3,412 shares of the company’s stock, valued at approximately C$182,371.40. This represents a 65.58% decrease in their ownership of the stock. Also, Director Aimee Decamillo sold 18,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total transaction of C$931,860.00. Following the sale, the director directly owned 4,996 shares of the company’s stock, valued at approximately C$258,642.92. The trade was a 78.27% decrease in their position. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 over the last three months. 0.03% of the stock is owned by corporate insiders.

More Manulife Financial News

Here are the key news stories impacting Manulife Financial this week:

• Positive Sentiment: Manulife reported second-quarter EPS of C$1.09 and revenue of C$20.34 billion, while maintaining a 12.60% return on equity and an 11.97% net margin. Coverage described the results as a modest earnings beat, supported by net inflows at the company’s wealth and asset-management unit. Manulife Q2 earnings report
• Positive Sentiment: Manulife announced a C$3.2 billion long-term-care reinsurance transaction with Munich Re. The deal should transfer some insurance risk and may improve capital and balance-sheet management. Manulife Munich Re reinsurance transaction
• Positive Sentiment: Analysts raised their targets following the results: Desjardins increased its target to C$68 with a buy rating, Scotia and RBC raised theirs to C$67, and BMO lifted its target to C$70 while retaining an outperform rating. These targets imply roughly 8% to 13% potential upside from the recent trading level. Manulife analyst target increases
• Neutral Sentiment: TD also raised its target to C$67 and assigned a buy rating, but Barclays increased its target only to C$59 and maintained an equal-weight rating, highlighting disagreement about near-term valuation and upside. TD and Barclays analyst ratings

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.