Manulife Financial (TSE:MFC) Given New C$56.00 Price Target at Scotiabank

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective boosted by Scotiabank from C$55.00 to C$56.00 in a report released on Friday morning,BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other brokerages have also recently commented on MFC. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “hold” rating to an “outperform” rating and increased their target price for the company from C$50.00 to C$58.00 in a report on Thursday, January 8th. National Bank Financial increased their price target on Manulife Financial from C$47.00 to C$52.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Royal Bank Of Canada set a C$52.00 price objective on Manulife Financial and gave the company an “outperform” rating in a research report on Monday, January 19th. Barclays upped their target price on Manulife Financial from C$49.00 to C$52.00 in a research note on Friday, January 9th. Finally, TD Securities decreased their price target on Manulife Financial from C$60.00 to C$59.00 and set a “buy” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of C$55.63.

Manulife Financial Trading Up 2.8%

TSE:MFC opened at C$50.07 on Friday. The company has a market capitalization of C$83.95 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 1.01 and a beta of 0.99. The firm has a 50-day moving average price of C$50.63 and a two-hundred day moving average price of C$46.69. Manulife Financial has a twelve month low of C$36.93 and a twelve month high of C$52.97.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, February 11th. The financial services provider reported C$1.12 earnings per share (EPS) for the quarter. Manulife Financial had a net margin of 12.52% and a return on equity of 11.75%. The company had revenue of C$22.03 billion for the quarter. On average, equities research analysts predict that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Rahim Hirji sold 25,048 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of C$48.25, for a total value of C$1,208,566.00. Following the completion of the sale, the insider directly owned 31,315 shares in the company, valued at approximately C$1,510,948.75. This represents a 44.44% decrease in their position. Also, insider Shamus Edward Weiland sold 88,500 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$48.95, for a total value of C$4,332,075.00. Following the completion of the transaction, the insider directly owned 53,495 shares in the company, valued at C$2,618,580.25. This trade represents a 62.33% decrease in their ownership of the stock. Company insiders own 0.03% of the company’s stock.

Manulife Financial Company Profile

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada’s Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.