Manulife Financial (TSE:MFC) Given New C$61.00 Price Target at Scotiabank

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price increased by Scotiabank from C$56.00 to C$61.00 in a research note published on Wednesday morning,BayStreet.CA reports. The firm currently has a sector outperform rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the stock. National Bank Financial lifted their price target on shares of Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. TD decreased their price objective on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Desjardins set a C$58.00 target price on Manulife Financial and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, Canadian Imperial Bank of Commerce lifted their target price on Manulife Financial from C$61.00 to C$69.00 in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of C$58.78.

Manulife Financial Trading Up 3.1%

TSE MFC opened at C$60.49 on Wednesday. The firm’s 50 day simple moving average is C$55.58 and its 200 day simple moving average is C$51.99. The firm has a market capitalization of C$100.53 billion, a price-to-earnings ratio of 17.43, a P/E/G ratio of 1.01 and a beta of 0.71. Manulife Financial has a 1 year low of C$41.08 and a 1 year high of C$60.62.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted 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 net margin of 11.97% and a return on equity of 12.60%. The company had revenue of C$2.15 billion for the quarter. On average, equities research analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Buying and Selling at Manulife Financial

In other news, Director Anthony Alex Silva sold 1,100 shares of Manulife Financial 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 transaction, the director directly owned 7,075 shares in the company, valued at C$376,177.75. This trade represents a 13.46% decrease in their ownership of the stock. Also, insider Rahul Madhav Joshi sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of C$54.29, for a total value of C$1,357,250.00. Following the sale, the insider directly owned 77,185 shares of the company’s stock, valued at C$4,190,373.65. This represents a 24.47% decrease in their ownership of the stock. In the last quarter, insiders sold 136,834 shares of company stock worth $7,311,659. 0.03% of the stock is owned by company 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.