Scotiabank Boosts Manulife Financial (TSE:MFC) Price Target to C$61.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective boosted by investment analysts at Scotiabank from C$56.00 to C$61.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s target price would suggest a potential upside of 0.84% from the stock’s current price.

A number of other analysts have also commented on MFC. TD dropped their price target on Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Canadian Imperial Bank of Commerce raised their target price on Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday. Desjardins set a C$58.00 target price on Manulife Financial and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, National Bank Financial boosted 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. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and an average price target of C$58.78.

Manulife Financial Stock Performance

TSE:MFC traded up C$1.82 on Wednesday, hitting C$60.49. The stock had a trading volume of 1,683,778 shares, compared to its average volume of 6,153,132. The stock has a market cap of C$100.53 billion, a P/E ratio of 17.43, a price-to-earnings-growth 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$60.52. The firm’s fifty day simple moving average is C$55.46 and its two-hundred day simple moving average is C$51.92.

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

Insider Transactions at Manulife Financial

In other news, Director Anthony Alex Silva bought 2,334 shares of the stock in a transaction on Thursday, May 21st. The shares were purchased at an average cost of C$53.16 per share, for a total transaction of C$124,075.44. Following the completion of the purchase, the director directly owned 8,175 shares in the company, valued at C$434,583. This represents a 39.96% increase in their position. Also, Director Eileen Cloherty sold 6,500 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total value of C$347,425.00. Following the transaction, the director directly owned 3,412 shares in the company, valued at C$182,371.40. This represents a 65.58% decrease in their position. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 in the last three months. 0.03% of the stock is currently owned by company insiders.

About Manulife Financial

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.