Manulife Financial (TSE:MFC) Price Target Raised to C$67.00 at Royal Bank Of Canada

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price upped by Royal Bank Of Canada from C$55.00 to C$67.00 in a report released on Friday morning,BayStreet.CA reports. Royal Bank Of Canada currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also weighed in on MFC. National Bank Financial upped their price target on Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Desjardins raised their price objective on Manulife Financial from C$63.00 to C$68.00 and gave the stock a “buy” rating in a research report on Friday. Jefferies Financial Group lifted their target price on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. TD upped their target price on Manulife Financial from C$65.00 to C$67.00 and gave the company a “buy” rating in a report on Thursday. Finally, Canadian Imperial Bank of Commerce increased their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of C$66.00.

Manulife Financial Stock Performance

TSE MFC opened at C$61.78 on Friday. The firm’s 50 day moving average price is C$58.42 and its two-hundred day moving average price is C$53.26. Manulife Financial has a twelve month low of C$41.08 and a twelve month high of C$63.58. The stock has a market cap of C$102.67 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its earnings results on Wednesday, August 5th. The financial services provider reported C$1.09 earnings per share (EPS) for the quarter. The company had revenue of C$20.34 billion during the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%. On average, research analysts forecast that Manulife Financial will post 3.6104452 EPS for the current fiscal year.

Insider Activity at Manulife Financial

In related news, Director Aimee Decamillo sold 18,000 shares of Manulife Financial stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of C$51.77, for a total transaction of C$931,860.00. Following the completion of the sale, the director owned 4,996 shares of the company’s stock, valued at approximately C$258,642.92. This trade represents a 78.27% decrease in their ownership of the stock. Also, insider Rahul Madhav Joshi sold 50,000 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the completion of the transaction, the insider directly owned 27,186 shares in the company, valued at approximately C$1,461,519.36. The trade was a 64.78% decrease in their ownership of the stock. Over the last ninety days, insiders sold 136,834 shares of company stock valued at $7,311,659. 0.03% of the stock is owned by insiders.

More Manulife Financial News

Here are the key news stories impacting Manulife Financial this week:

• Positive Sentiment: Manulife reported second-quarter EPS of C$1.09 and revenue of C$20.34 billion, while maintaining a 12.60% return on equity and an 11.97% net margin. Coverage described the results as a modest earnings beat, supported by net inflows at the company’s wealth and asset-management unit. Manulife Q2 earnings report
• Positive Sentiment: Manulife announced a C$3.2 billion long-term-care reinsurance transaction with Munich Re. The deal should transfer some insurance risk and may improve capital and balance-sheet management. Manulife Munich Re reinsurance transaction
• Positive Sentiment: Analysts raised their targets following the results: Desjardins increased its target to C$68 with a buy rating, Scotia and RBC raised theirs to C$67, and BMO lifted its target to C$70 while retaining an outperform rating. These targets imply roughly 8% to 13% potential upside from the recent trading level. Manulife analyst target increases
• Neutral Sentiment: TD also raised its target to C$67 and assigned a buy rating, but Barclays increased its target only to C$59 and maintained an equal-weight rating, highlighting disagreement about near-term valuation and upside. TD and Barclays analyst ratings

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.