Manulife Financial (NYSE:MFC) Price Target Raised to $51.00 at Royal Bank of Canada

Manulife Financial (NYSE:MFC) (TSE:MFC) had its target price raised by research analysts at Royal Bank of Canada from $49.00 to $51.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 66.29% from the company’s current price.

Manulife Financial Stock Performance

Shares of NYSE:MFC traded down $1.15 during mid-day trading on Friday, hitting $30.67. 538,890 shares of the company traded hands, compared to its average volume of 2,005,565. The firm has a market cap of $52.85 billion, a P/E ratio of 14.82, a PEG ratio of 1.04 and a beta of 1.09. Manulife Financial has a 52-week low of $22.61 and a 52-week high of $33.07. The firm’s 50 day simple moving average is $30.33 and its 200 day simple moving average is $29.71.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a return on equity of 16.15% and a net margin of 10.08%. The business had revenue of $9.31 billion for the quarter. Equities research analysts expect that Manulife Financial will post 2.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Manulife Financial

A number of hedge funds have recently bought and sold shares of MFC. Brooklyn Investment Group acquired a new stake in Manulife Financial during the 3rd quarter valued at approximately $26,000. Crews Bank & Trust acquired a new stake in Manulife Financial during the 4th quarter valued at approximately $26,000. Capital Performance Advisors LLP acquired a new stake in Manulife Financial during the 3rd quarter valued at approximately $30,000. Fortitude Family Office LLC acquired a new stake in Manulife Financial during the 3rd quarter valued at approximately $31,000. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Company Profile

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.