Manulife Financial (NYSE:MFC) PT Raised to $34.00 at Canaccord Genuity

Manulife Financial (NYSE:MFC) (TSE:MFC) had its price target lifted by investment analysts at Canaccord Genuity from $33.00 to $34.00 in a report issued on Friday, Stock Target Advisor reports. Canaccord Genuity’s price objective would suggest a potential upside of 72.24% from the company’s current price.

A number of other analysts also recently commented on the company. CIBC boosted their price objective on Manulife Financial from $27.00 to $29.00 in a research note on Friday. ValuEngine raised Manulife Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 30th. Desjardins boosted their price objective on Manulife Financial from $29.00 to $31.00 in a research note on Friday. Finally, Zacks Investment Research raised Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $29.00.

MFC stock traded up $0.19 during trading on Friday, reaching $19.74. 1,786,570 shares of the company’s stock were exchanged, compared to its average volume of 1,928,385. Manulife Financial has a 1-year low of $13.33 and a 1-year high of $20.08. The company’s fifty day moving average price is $18.41 and its 200-day moving average price is $17.85. The firm has a market cap of $40.66 billion, a PE ratio of 9.36, a P/E/G ratio of 0.86 and a beta of 1.43.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.21. Manulife Financial had a return on equity of 13.27% and a net margin of 9.36%. The company had revenue of $17.14 billion during the quarter. During the same quarter last year, the firm posted $0.75 EPS. On average, analysts anticipate that Manulife Financial will post 2.23 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. DORCHESTER WEALTH MANAGEMENT Co raised its stake in shares of Manulife Financial by 0.3% in the 2nd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 443,100 shares of the financial services provider’s stock worth $8,058,000 after buying an additional 1,497 shares in the last quarter. Highstreet Asset Management Inc. raised its position in shares of Manulife Financial by 12.5% during the second quarter. Highstreet Asset Management Inc. now owns 4,340,742 shares of the financial services provider’s stock worth $78,889,000 after purchasing an additional 483,413 shares during the period. Intact Investment Management Inc. raised its position in shares of Manulife Financial by 13.8% during the second quarter. Intact Investment Management Inc. now owns 3,498,225 shares of the financial services provider’s stock worth $83,223,000 after purchasing an additional 424,200 shares during the period. Waratah Capital Advisors Ltd. raised its position in shares of Manulife Financial by 1,482.6% during the second quarter. Waratah Capital Advisors Ltd. now owns 1,173,246 shares of the financial services provider’s stock worth $21,337,000 after purchasing an additional 1,099,111 shares during the period. Finally, First National Bank of Omaha raised its position in shares of Manulife Financial by 0.6% during the second quarter. First National Bank of Omaha now owns 216,806 shares of the financial services provider’s stock worth $3,942,000 after purchasing an additional 1,241 shares during the period. 42.41% of the stock is currently owned by institutional investors.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.

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