Manulife Financial (TSE:MFC) Price Target Raised to C$48.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price upped by Cormark from C$47.00 to C$48.00 in a report released on Thursday morning,BayStreet.CA reports.

Several other brokerages have also recently weighed in on MFC. Jefferies Financial Group upped their price objective on shares of Manulife Financial from C$42.00 to C$47.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Barclays set a C$39.00 price target on Manulife Financial and gave the company an “equal weight” rating in a report on Thursday, September 5th. Scotiabank boosted their price objective on Manulife Financial from C$48.00 to C$49.00 in a research note on Friday, November 8th. TD Securities raised their target price on Manulife Financial from C$45.00 to C$48.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, CIBC upped their price target on shares of Manulife Financial from C$42.00 to C$46.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Manulife Financial presently has an average rating of “Moderate Buy” and a consensus price target of C$43.45.

Manulife Financial Stock Down 0.6 %

Shares of TSE:MFC opened at C$45.37 on Thursday. The company’s fifty day moving average is C$41.64 and its 200-day moving average is C$37.85. The company has a debt-to-equity ratio of 49.60, a quick ratio of 2.58 and a current ratio of 36.68. Manulife Financial has a 52 week low of C$26.05 and a 52 week high of C$46.42. The company has a market capitalization of C$80.30 billion, a PE ratio of 19.31, a P/E/G ratio of 1.01 and a beta of 1.06.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued 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 3.53%. Manulife Financial’s dividend payout ratio is currently 68.09%.

Insider Activity

In other news, Director Tin Ku sold 2,166 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was 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 in the company, valued at C$9,474.85. This trade represents a 89.54 % decrease in their position. Also, Director Brooks Tingle sold 3,866 shares of Manulife Financial stock in a transaction on Thursday, November 14th. The stock was sold at an average price of C$46.07, for a total value of C$178,102.75. In the last quarter, insiders have sold 17,630 shares of company stock valued at $793,528. 0.03% of the stock is currently owned by insiders.

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.