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

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target hoisted by stock analysts at Scotiabank from C$41.00 to C$48.00 in a report issued on Wednesday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Scotiabank’s target price points to a potential upside of 18.02% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada increased their price target on Manulife Financial from C$38.00 to C$39.00 in a report on Friday, August 9th. Barclays set a C$39.00 target price on Manulife Financial and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. TD Securities lifted their price objective on Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, July 12th. Finally, National Bankshares increased their price target on Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Moderate Buy” and an average target price of C$40.82.

Manulife Financial Stock Down 2.4 %

Manulife Financial stock opened at C$40.67 on Wednesday. The stock’s fifty day moving average is C$39.41 and its two-hundred day moving average is C$36.55. The stock has a market cap of C$71.99 billion, a PE ratio of 17.31, a P/E/G ratio of 1.01 and a beta of 1.06. Manulife Financial has a 1-year low of C$24.04 and a 1-year high of C$42.52. The company has a debt-to-equity ratio of 49.60, a current ratio of 36.68 and a quick ratio of 2.58.

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

Insider Activity at Manulife Financial

In other Manulife Financial news, Director Tin Ku sold 2,166 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the completion of the sale, the director now owns 253 shares in the company, valued at C$9,474.85. The trade was a 0.00 % decrease in their ownership of the stock. In other news, Director Matthew Lyman Macinnis sold 6,708 shares of Manulife Financial stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total transaction of C$232,566.36. Also, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total value of C$81,116.70. Following the sale, the director now directly owns 253 shares in the company, valued at C$9,474.85. The trade was a 0.00 % decrease in their position. Insiders sold a total of 68,821 shares of company stock valued at $2,455,596 over the last three months. 0.03% of the stock is 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.