Manulife Financial (TSE:MFC) Given New C$70.00 Price Target at BMO Capital Markets

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target raised by BMO Capital Markets from C$67.00 to C$70.00 in a research note released on Friday morning,BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the stock. Canadian Imperial Bank of Commerce raised their price target on shares of Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. National Bank Financial boosted their price objective on shares of Manulife Financial from C$59.00 to C$69.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Jefferies Financial Group increased their target price on shares of Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Scotiabank boosted their price target on shares of Manulife Financial from C$56.00 to C$61.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 15th. Finally, Desjardins increased their price objective on shares of Manulife Financial from C$63.00 to C$68.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$66.00.

Manulife Financial Price Performance

MFC stock opened at C$61.78 on Friday. The stock has a market capitalization of C$102.67 billion, a P/E ratio of 17.80, a P/E/G ratio of 1.01 and a beta of 0.71. Manulife Financial has a fifty-two week low of C$41.08 and a fifty-two week high of C$63.58. The business has a 50-day moving average of C$58.42 and a 200-day moving average of C$53.26.

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

Insider Activity at Manulife Financial

In other news, Director Eileen Cloherty sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the completion of the sale, the director owned 3,412 shares in the company, valued at approximately C$182,371.40. This trade represents a 65.58% decrease in their position. Also, insider Rahul Madhav Joshi sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of C$53.76, for a total transaction of C$2,688,000.00. Following the sale, the insider owned 27,186 shares of the company’s stock, valued at approximately C$1,461,519.36. This represents a 64.78% decrease in their position. Insiders have sold 136,834 shares of company stock valued at $7,311,659 in the last ninety days. Company insiders own 0.03% of the company’s stock.

Manulife Financial News Summary

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.