Manulife Financial (TSE:MFC) Given New C$40.00 Price Target at TD Securities

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price hoisted by TD Securities from C$38.00 to C$40.00 in a research note issued to investors on Friday, BayStreet.CA reports. TD Securities currently has a buy rating on the financial services provider’s stock.

MFC has been the subject of a number of other research reports. National Bankshares upgraded shares of Manulife Financial from a sector perform rating to an outperform rating and boosted their target price for the stock from C$34.00 to C$38.00 in a research note on Thursday, May 9th. National Bank Financial raised Manulife Financial from a sector perform market weight rating to an outperform market weight rating in a research report on Wednesday, May 8th. CIBC raised their target price on Manulife Financial from C$34.00 to C$36.00 in a research report on Friday, May 10th. Evercore upped their price target on Manulife Financial from C$36.00 to C$37.00 in a report on Friday, May 10th. Finally, BMO Capital Markets increased their price target on shares of Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of C$37.50.

Manulife Financial Price Performance

MFC stock opened at C$36.43 on Friday. The business’s 50-day moving average is C$34.79 and its two-hundred day moving average is C$32.27. The company has a debt-to-equity ratio of 48.44, a current ratio of 29.14 and a quick ratio of 2.58. The firm has a market capitalization of C$65.57 billion, a P/E ratio of 15.98, a P/E/G ratio of 12.56 and a beta of 1.10. Manulife Financial has a 1 year low of C$23.69 and a 1 year high of C$36.62.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its earnings results on Wednesday, May 8th. The financial services provider reported C$0.94 earnings per share for the quarter, beating the consensus estimate of C$0.90 by C$0.04. Manulife Financial had a net margin of 18.29% and a return on equity of 10.48%. The firm had revenue of C$12.80 billion for the quarter, compared to analysts’ expectations of C$12.13 billion. Analysts anticipate that Manulife Financial will post 3.6078629 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s dividend payout ratio is currently 70.18%.

Insider Activity at Manulife Financial

In other Manulife Financial news, Director Rocco Gori sold 48,640 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of C$35.25, for a total transaction of C$1,714,560.00. In other news, Senior Officer Steve Finch sold 11,598 shares of Manulife Financial stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of C$35.29, for a total value of C$409,293.42. Also, Director Rocco Gori sold 48,640 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of C$35.25, for a total transaction of C$1,714,560.00. Insiders have sold 157,878 shares of company stock worth $5,557,706 in the last quarter. Company insiders own 0.02% 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.