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

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective lifted by investment analysts at CIBC from C$42.00 to C$46.00 in a report issued on Friday,BayStreet.CA reports. CIBC’s price target would indicate a potential upside of 3.98% from the stock’s current price.

Several other brokerages also recently weighed in on MFC. Scotiabank increased their target price on shares of Manulife Financial from C$48.00 to C$49.00 in a research note on Friday. Royal Bank of Canada increased their target price on shares of Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. Barclays set a C$39.00 target price on shares of Manulife Financial and gave the company an “equal weight” rating in a research note on Thursday, September 5th. National Bankshares increased their target price on shares of Manulife Financial from C$45.00 to C$47.00 in a research note on Thursday. Finally, Jefferies Financial Group increased their target price on shares of Manulife Financial from C$42.00 to C$47.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Manulife Financial currently has an average rating of “Moderate Buy” and an average price target of C$42.27.

Manulife Financial Price Performance

Manulife Financial stock opened at C$44.24 on Friday. The company has a market cap of C$78.30 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.01 and a beta of 1.06. The firm’s fifty day moving average is C$40.15 and its 200 day moving average is C$36.98. The company has a quick ratio of 2.58, a current ratio of 36.68 and a debt-to-equity ratio of 49.60. Manulife Financial has a 52-week low of C$25.39 and a 52-week high of C$45.68.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. The company had revenue of C$12.88 billion for the quarter, compared to the consensus estimate of C$12.27 billion. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. Sell-side analysts forecast that Manulife Financial will post 3.6104452 EPS for the current fiscal year.

Insiders Place Their Bets

In other Manulife Financial news, Director Matthew Lyman Macinnis sold 6,708 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. In other Manulife Financial news, Director Rocco Gori sold 48,345 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total transaction of C$1,727,395.86. Also, Director Matthew Lyman Macinnis sold 6,708 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. Insiders have sold a total of 68,821 shares of company stock worth $2,455,596 in the last three months. Corporate insiders own 0.03% of the company’s stock.

Manulife Financial Company Profile

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.