Manulife Financial (TSE:MFC) Releases Quarterly Earnings Results

Manulife Financial (TSE:MFC) (NYSE:MFC) posted its quarterly earnings results on Wednesday. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of C$20.34 billion for the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%.

Manulife Financial Price Performance

MFC opened at C$62.50 on Friday. The company has a market capitalization of C$103.87 billion, a PE ratio of 18.01, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. Manulife Financial has a fifty-two week low of C$41.08 and a fifty-two week high of C$63.58. The business has a 50-day moving average of C$58.24 and a 200-day moving average of C$53.20.

Insider Transactions at Manulife Financial

In related news, insider Rahul Madhav Joshi sold 50,000 shares of Manulife Financial stock in a transaction on 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 sale, the insider owned 27,186 shares of the company’s stock, valued at approximately C$1,461,519.36. The trade was a 64.78% decrease in their position. Also, Director Eileen Cloherty sold 6,500 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the completion of the sale, 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 ownership of the stock. Over the last three months, insiders have sold 136,834 shares of company stock worth $7,311,659. Corporate insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MFC shares. Barclays increased their price target on Manulife Financial from C$56.00 to C$59.00 and gave the company an “equal weight” rating in a research report on Thursday. Scotiabank raised their target price on shares of Manulife Financial from C$56.00 to C$61.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 15th. Jefferies Financial Group lifted their target price on shares of Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. TD upped their price target on shares of Manulife Financial from C$65.00 to C$67.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Desjardins set a C$58.00 price objective on shares of Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Manulife Financial has a consensus rating of “Buy” and an average target price of C$63.00.

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.