Manulife Financial (TSE:MFC) Given New C$67.00 Price Target at Scotia

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target hoisted by equities research analysts at Scotia from C$61.00 to C$67.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a “sector outperform” rating on the financial services provider’s stock. Scotia’s price target points to a potential upside of 8.27% from the company’s previous close.

MFC has been the topic of a number of other research reports. Scotiabank upped their target price on shares of Manulife Financial from C$56.00 to C$61.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 15th. National Bank Financial lifted their price objective on Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Canadian Imperial Bank of Commerce upped their price objective on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Royal Bank Of Canada increased their price objective on Manulife Financial from C$55.00 to C$67.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Desjardins lifted their target price on shares of Manulife Financial from C$63.00 to C$68.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Manulife Financial has a consensus rating of “Buy” and an average price target of C$66.00.

Manulife Financial Trading Down 1.0%

MFC stock traded down C$0.64 during midday trading on Friday, hitting C$61.88. The stock had a trading volume of 1,206,204 shares, compared to its average volume of 6,002,304. Manulife Financial has a 52 week low of C$41.08 and a 52 week high of C$63.58. The stock has a 50-day simple moving average of C$58.24 and a 200 day simple moving average of C$53.20. The firm has a market capitalization of C$102.84 billion, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.01 and a beta of 0.71.

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

Insider Transactions at Manulife Financial

In other news, Director Aimee Decamillo sold 18,000 shares of the company’s stock in a transaction 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 transaction, the director owned 4,996 shares of the company’s stock, valued at C$258,642.92. This represents a 78.27% decrease in their ownership of the stock. Also, insider Rahul Madhav Joshi sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the completion of the transaction, the insider owned 27,186 shares in the company, valued at approximately C$1,461,519.36. This represents a 64.78% decrease in their position. Over the last three months, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is owned by insiders.

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.