Manulife Financial (TSE:MFC) Price Target Raised to C$48.00 at Scotiabank

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective increased by equities researchers at Scotiabank from C$41.00 to C$48.00 in a research note issued to investors on Wednesday, BayStreet.CA reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Scotiabank’s target price would suggest a potential upside of 14.64% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Barclays set a C$39.00 target price on Manulife Financial and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. TD Securities raised their target price on shares of Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, July 12th. National Bankshares upped their price target on shares of Manulife Financial from C$38.00 to C$43.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada raised their price objective on shares of Manulife Financial from C$38.00 to C$39.00 in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$40.82.

Manulife Financial Stock Performance

TSE:MFC traded down C$0.02 on Wednesday, hitting C$41.87. The stock had a trading volume of 865,264 shares, compared to its average volume of 6,360,135. Manulife Financial has a 52-week low of C$24.04 and a 52-week high of C$42.52. The stock has a market cap of C$74.11 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06. The company has a quick ratio of 2.58, a current ratio of 36.68 and a debt-to-equity ratio of 49.60. The business’s 50-day simple moving average is C$39.18 and its two-hundred day simple moving average is C$36.45.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. The business had revenue of C$12.88 billion during the quarter, compared to analysts’ expectations of C$12.27 billion. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. As a group, research analysts predict that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Rocco Gori sold 48,345 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$1,727,395.86. In other news, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total value of C$81,116.70. Following the completion of the transaction, the director now owns 253 shares in the company, valued at approximately C$9,474.85. The trade was a 0.00 % decrease in their position. Also, Director Rocco Gori sold 48,345 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$1,727,395.86. Insiders have sold a total of 68,821 shares of company stock valued at $2,455,596 in the last quarter. 0.03% of the stock is currently owned by insiders.

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.