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Manulife Financial (NYSE:MFC)‘s stock had its “neutral” rating restated by Zacks in a report released on Wednesday. They currently have a $21.00 target price on the stock. Zacks‘s price target would indicate a potential upside of 7.09% from the company’s current price.

Zacks’ analyst wrote, “Manulife Financial’s first-quarter earnings were up 14.0% year over year. The improvement was driven by higher fee income on increased asset under management, lower hedging costs and modestly favorable currency impacts. However, less favorable tax impact was a major drag. The company is aggressively developing its business in Asia, which remains crucial to long-term growth. Manulife also enjoys a solid position in the global markets, and has effectively reduced exposure to potential equity markets as well as interest rate risks. It has also renewed its focus on less capital intensive lines of business while maintaining adequate regulatory risk-adjusted capitalization. In addition, Manulife has successfully witnessed 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.”

Manulife Financial (NYSE:MFC) traded up 0.10% during mid-day trading on Wednesday, hitting $19.63. The stock had a trading volume of 690,736 shares. Manulife Financial has a 52 week low of $15.86 and a 52 week high of $20.36. The stock’s 50-day moving average is $18.83 and its 200-day moving average is $19.00. The company has a market cap of $36.394 billion and a price-to-earnings ratio of 12.06.

Manulife Financial (NYSE:MFC) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $14.24 billion for the quarter, compared to the consensus estimate of $11.12 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 144.0% on a year-over-year basis. Analysts expect that Manulife Financial will post $1.62 EPS for the current fiscal year.

MFC has been the subject of a number of other recent research reports. Analysts at BNP Paribas initiated coverage on shares of Manulife Financial in a research note on Thursday, June 12th. They set a “buy” rating on the stock. Separately, analysts at Canaccord Genuity initiated coverage on shares of Manulife Financial in a research note on Monday, May 26th. They set a “buy” rating and a C$22.00 price target on the stock. Finally, analysts at Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Friday, May 2nd. They now have a C$23.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $22.25.

Manulife Financial Corporation (NYSE:MFC) is a Canada-based financial services group serving customers in 22 countries and territories around the world.

To view Zacks’ full report, visit Zacks’ official website.

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