CIBC Boosts Manulife Financial (TSE:MFC) Price Target to C$46.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective hoisted by CIBC from C$42.00 to C$46.00 in a research note released on Friday morning,BayStreet.CA reports.

Several other brokerages have also weighed in on MFC. TD Securities raised their price objective on shares of Manulife Financial from C$45.00 to C$48.00 and gave the stock a “buy” rating in a report on Thursday. Barclays set a C$39.00 price target on shares of Manulife Financial and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Royal Bank of Canada raised their price target on shares of Manulife Financial from C$38.00 to C$39.00 in a research report on Friday, August 9th. Scotiabank raised their price target on shares of Manulife Financial from C$48.00 to C$49.00 in a research report on Friday. Finally, Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has issued 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$42.27.

Manulife Financial Stock Down 1.2 %

MFC stock traded down C$0.52 during mid-day trading on Friday, hitting C$44.24. 3,475,900 shares of the company were exchanged, compared to its average volume of 6,381,398. The company has a market capitalization of C$78.30 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06. The company has a current ratio of 36.68, a quick ratio of 2.58 and a debt-to-equity ratio of 49.60. Manulife Financial has a twelve month low of C$25.39 and a twelve month high of C$45.68. The firm has a fifty day simple moving average of C$40.15 and a 200 day simple moving average of C$36.98.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share for the quarter, topping the consensus estimate of C$0.88 by C$0.03. The company 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%. On average, research analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.60 annualized dividend and a yield of 3.62%. Manulife Financial’s payout ratio is 68.09%.

Insider Buying and Selling at Manulife Financial

In other news, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total value of C$81,116.70. Following the transaction, the director now owns 253 shares of the company’s stock, valued at C$9,474.85. The trade was a 0.00 % decrease in their position. In other news, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction that occurred on Thursday, September 5th. The shares were 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 C$9,474.85. This trade represents a 0.00 % decrease in their ownership of the stock. Also, Director Matthew Lyman Macinnis sold 6,708 shares of Manulife Financial stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total transaction of C$232,566.36. In the last 90 days, insiders have sold 68,821 shares of company stock valued at $2,455,596. 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.