Manulife Financial (TSE:MFC) Stock Price Expected to Rise, CIBC Analyst Says

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective hoisted by CIBC from C$36.00 to C$42.00 in a research report report published on Wednesday morning, BayStreet.CA reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also weighed in on MFC. TD Securities boosted their price objective on shares of Manulife Financial from C$40.00 to C$41.00 in a report on Friday, July 12th. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. National Bankshares increased their price objective on Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Jefferies Financial Group boosted their target price on Manulife Financial from C$42.00 to C$47.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Scotiabank raised their price target on shares of Manulife Financial from C$41.00 to C$48.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Manulife Financial has an average rating of “Moderate Buy” and a consensus price target of C$40.82.

Manulife Financial Price Performance

Shares of TSE:MFC opened at C$41.13 on Wednesday. The business has a fifty day moving average price of C$39.52 and a 200-day moving average price of C$36.62. The company has a debt-to-equity ratio of 49.60, a current ratio of 36.68 and a quick ratio of 2.58. The company has a market capitalization of C$72.80 billion, a PE ratio of 17.50, a PEG ratio of 1.01 and a beta of 1.06. Manulife Financial has a 1-year low of C$24.81 and a 1-year high of C$42.52.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. The business had revenue of C$12.88 billion during the quarter, compared to analyst estimates of C$12.27 billion. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. As a group, equities analysts expect that Manulife Financial will post 3.6104452 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were given a $0.40 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $1.60 annualized dividend and a yield of 3.89%. Manulife Financial’s payout ratio is presently 68.09%.

Insider Activity

In related news, Director Tin Ku sold 2,166 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total value of C$81,116.70. Following the transaction, the director now directly owns 253 shares of the company’s stock, valued at approximately C$9,474.85. This trade represents a 0.00 % decrease in their position. In other news, Senior Officer Steve Finch sold 11,599 shares of Manulife Financial stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total transaction of C$414,439.23. Also, Director Tin Ku sold 2,166 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the transaction, the director now owns 253 shares of the company’s stock, valued at approximately C$9,474.85. This represents a 0.00 % decrease in their position. Insiders sold a total of 68,821 shares of company stock valued at $2,455,596 in the last 90 days. Company insiders own 0.03% of the company’s stock.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.