CIBC Cuts Manulife Financial (TSE:MFC) Price Target to C$46.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective decreased by CIBC from C$48.00 to C$46.00 in a research note published on Thursday morning,BayStreet.CA reports. CIBC currently has a neutral rating on the financial services provider’s stock.

MFC has been the topic of a number of other reports. Royal Bank of Canada set a C$51.00 price objective on Manulife Financial and gave the company an “outperform” rating in a research report on Tuesday, April 15th. Scotiabank decreased their target price on Manulife Financial from C$53.00 to C$50.00 and set an “outperform” rating for the company in a research report on Thursday. Barclays lowered their price objective on Manulife Financial from C$49.00 to C$45.00 in a research report on Friday, April 11th. Jefferies Financial Group dropped their target price on Manulife Financial from C$51.00 to C$46.00 in a research report on Monday, April 21st. Finally, TD Securities upped their price objective on Manulife Financial from C$48.00 to C$49.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$46.00.

Manulife Financial Stock Performance

MFC stock opened at C$43.57 on Thursday. Manulife Financial has a fifty-two week low of C$32.55 and a fifty-two week high of C$46.42. The business’s 50-day moving average is C$42.14 and its two-hundred day moving average is C$43.13. The company has a market cap of C$76.42 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.01 and a beta of 1.06.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 19th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.04%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is presently 49.79%.

Insider Transactions at Manulife Financial

In related news, Director Kenneth Michael Ross sold 3,219 shares of Manulife Financial stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of C$44.91, for a total value of C$144,572.68. Also, Director Brooks Tingle sold 3,866 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of C$43.43, for a total value of C$167,882.21. Insiders sold 18,683 shares of company stock valued at $816,102 over the last 90 days. Corporate insiders own 0.03% of the company’s stock.

About Manulife Financial

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.