Manulife Financial (TSE:MFC) Price Target Raised to C$69.00 at Canadian Imperial Bank of Commerce

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective lifted by Canadian Imperial Bank of Commerce from C$61.00 to C$69.00 in a report published on Wednesday morning,BayStreet.CA reports.

A number of other brokerages have also weighed in on MFC. TD lowered their price objective on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating for the company in a research note on Thursday, May 14th. Desjardins set a C$58.00 price target on shares of Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, National Bank Financial upped their price target on shares of Manulife Financial from C$56.00 to C$59.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Manulife Financial has a consensus rating of “Buy” and an average price target of C$58.78.

Manulife Financial Stock Performance

Shares of TSE:MFC opened at C$60.49 on Wednesday. Manulife Financial has a one year low of C$41.08 and a one year high of C$60.62. The stock has a market cap of C$100.53 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The business’s fifty day moving average price is C$55.58 and its two-hundred day moving average price is C$51.99.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share for the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%.The company had revenue of C$2.15 billion for the quarter. As a group, equities research analysts predict that Manulife Financial will post 3.6104452 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Aimee Decamillo sold 18,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total value of C$931,860.00. Following the sale, the director owned 4,996 shares of the company’s stock, valued at approximately C$258,642.92. The trade was a 78.27% decrease in their position. Also, Director Anthony Alex Silva sold 1,100 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of C$53.17, for a total transaction of C$58,487.00. Following the completion of the sale, the director directly owned 7,075 shares of the company’s stock, valued at C$376,177.75. The trade was a 13.46% decrease in their ownership of the stock. In the last three months, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is currently owned by corporate insiders.

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.