Manulife Financial (NYSE:MFC) Price Target Raised to C$27.00 at CIBC

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) had its price target boosted by equities researchers at CIBC from C$23.00 to C$27.00 in a research report issued on Wednesday, The Fly reports.

MFC has been the topic of several other research reports. StockNews.com assumed coverage on Manulife Financial in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Credit Suisse Group assumed coverage on Manulife Financial in a report on Thursday, January 12th. They set a “neutral” rating on the stock. National Bank Financial raised their price objective on Manulife Financial from C$24.00 to C$26.00 in a report on Wednesday. Finally, Barclays decreased their price objective on Manulife Financial from C$30.00 to C$29.00 in a report on Wednesday, October 12th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $28.88.

Manulife Financial Price Performance

Shares of NYSE:MFC traded up $0.18 on Wednesday, hitting $19.42. The company’s stock had a trading volume of 3,063,042 shares, compared to its average volume of 2,491,209. The company has a 50-day simple moving average of $18.04 and a 200 day simple moving average of $17.46. Manulife Financial has a 1 year low of $14.92 and a 1 year high of $22.19. The company has a market capitalization of $36.22 billion, a PE ratio of 6.61, a PEG ratio of 0.81 and a beta of 1.12.

Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 9th. The financial services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.02). The business had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $11.51 billion. On average, equities research analysts expect that Manulife Financial will post 2.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Manulife Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pinnacle Bancorp Inc. bought a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $25,000. MinichMacGregor Wealth Management LLC bought a new stake in shares of Manulife Financial in the 4th quarter worth approximately $25,000. Tsfg LLC grew its position in shares of Manulife Financial by 145.7% in the 3rd quarter. Tsfg LLC now owns 1,693 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,004 shares during the last quarter. Artemis Wealth Advisors LLC bought a new stake in shares of Manulife Financial in the 2nd quarter worth approximately $30,000. Finally, Ronald Blue Trust Inc. grew its position in shares of Manulife Financial by 100.7% in the 3rd quarter. Ronald Blue Trust Inc. now owns 1,736 shares of the financial services provider’s stock worth $30,000 after buying an additional 871 shares during the last quarter. 43.42% of the stock is currently owned by institutional investors.

About Manulife Financial

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Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.