Jefferies Financial Group Forecasts Strong Price Appreciation for Manulife Financial (TSE:MFC) Stock

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target increased by Jefferies Financial Group from C$61.00 to C$70.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 15.89% from the company’s current price.

Several other research firms have also commented on MFC. National Bank Financial boosted their price objective on shares of Manulife Financial from C$56.00 to C$59.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. TD upped their price objective on shares of Manulife Financial from C$58.00 to C$65.00 and gave the company a “buy” rating in a report on Tuesday. Canadian Imperial Bank of Commerce increased their price objective on shares of Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. Scotiabank lifted their target price on shares of Manulife Financial from C$56.00 to C$61.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 15th. Finally, Desjardins set a C$58.00 price target on shares of Manulife Financial and gave the company a “buy” rating in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$60.89.

Manulife Financial Stock Up 1.1%

MFC stock traded up C$0.64 during trading on Tuesday, hitting C$60.40. 741,770 shares of the company’s stock traded hands, compared to its average volume of 6,063,546. The firm has a market capitalization of C$100.38 billion, a P/E ratio of 17.41, a PEG 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$61.18. The business has a fifty day simple moving average of C$55.94 and a two-hundred day simple moving average of C$52.21.

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

Insider Transactions at Manulife Financial

In other news, Director Anthony Alex Silva acquired 2,334 shares of Manulife Financial stock in a transaction dated Thursday, May 21st. The stock was 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 trade represents a 39.96% increase in their position. Also, Director Eileen Cloherty sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total value of C$347,425.00. Following the completion of the transaction, the director owned 3,412 shares of the company’s stock, valued at approximately C$182,371.40. The trade was a 65.58% decrease in their ownership of the stock. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 over the last three months. Company insiders own 0.03% of the company’s stock.

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.