Manulife Financial Rating Reiterated by Zacks (MFC)
Manulife Financial (NYSE:MFC)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued on Friday, AR Network reports. They currently have a $18.00 target price on the stock. Zacks‘ price target suggests a potential upside of 6.19% from the stock’s previous close.
Zacks‘ analyst wrote, “Manulife has been performing favorably over the past many quarters. The company is aggressively developing its business in Asia, which remains key to its long-term growth. Manulife also has a solid market position in the global markets, and has effectively reduced exposure to potential equity markets as well as interest rate risks. It has also revised product focus on less capital intensive lines of business while maintaining adequate regulatory risk-adjusted capitalization. In addition, Manulife has successfully maintained a significant scale in core business lines and has seen strong growth in its assets under management. However, the persistently low interest rate environment and foreign exchange exposure will continue to be a headwind. We thus maintain our Neutral recommendation on the company.”
Separately, analysts at Cormark downgraded shares of Manulife Financial to a “market perform” rating in a research note to investors on Friday, August 9th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.67.
Manulife Financial (NYSE:MFC) traded up 0.71% during mid-day trading on Friday, hitting $17.07. 449,388 shares of the company’s stock traded hands. Manulife Financial has a 1-year low of $11.59 and a 1-year high of $18.16. The stock’s 50-day moving average is $16.76 and its 200-day moving average is $16.10. The company has a market cap of $31.375 billion and a price-to-earnings ratio of 20.82.
Manulife Financial (NYSE:MFC) last released its earnings data on Thursday, August 8th. The company reported $0.31 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.33 by $0.02. During the same quarter last year, the company posted ($0.18) earnings per share. On average, analysts predict that Manulife Financial will post $1.40 earnings per share for the current fiscal year.
Manulife Financial Corporation (NYSE:MFC) is a Canada-based financial services group serving customers in 22 countries and territories around the world.
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