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

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target upped by TD from C$65.00 to C$67.00 in a research note published on Thursday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also weighed in on MFC. National Bank Financial lifted their price objective on Manulife Financial from C$59.00 to C$69.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Jefferies Financial Group upped their target price on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Scotiabank raised their target price on Manulife Financial from C$56.00 to C$61.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 15th. Desjardins set a C$58.00 target price on Manulife Financial and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Canadian Imperial Bank of Commerce boosted their price target on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Manulife Financial has an average rating of “Buy” and an average target price of C$66.00.

Manulife Financial Stock Down 1.2%

MFC opened at C$61.78 on Thursday. Manulife Financial has a twelve month low of C$41.08 and a twelve month high of C$63.58. The company has a fifty day moving average of C$58.42 and a 200-day moving average of C$53.26. The stock has a market cap of C$102.67 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71.

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

Insider Activity at Manulife Financial

In other news, Director Eileen Cloherty sold 6,500 shares of the 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 owned 3,412 shares of the company’s stock, valued at C$182,371.40. This represents a 65.58% decrease in their position. Also, 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 value of C$1,357,250.00. Following the completion of the sale, the insider owned 77,185 shares of the company’s stock, valued at approximately C$4,190,373.65. This represents a 24.47% decrease in their ownership of the stock. In the last ninety days, insiders sold 136,834 shares of company stock valued at $7,311,659. 0.03% of the stock is currently owned by company insiders.

Manulife Financial News Roundup

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.