Barclays Raises Manulife Financial (TSE:MFC) Price Target to C$59.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price hoisted by analysts at Barclays from C$56.00 to C$59.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential downside of 6.07% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Desjardins set a C$58.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research report on Friday, April 17th. Jefferies Financial Group upped their price target on Manulife Financial from C$61.00 to C$70.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. TD boosted their price objective on shares of Manulife Financial from C$65.00 to C$67.00 and gave the stock a “buy” rating in a research report on Thursday. National Bank Financial increased their target price on shares of Manulife Financial from C$59.00 to C$69.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Finally, Scotiabank lifted 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 note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$63.00.

Manulife Financial Price Performance

Shares of MFC traded up C$0.37 during midday trading on Thursday, reaching C$62.81. The stock had a trading volume of 2,135,341 shares, compared to its average volume of 6,013,620. Manulife Financial has a 1-year low of C$41.08 and a 1-year high of C$63.58. The company’s fifty day simple moving average is C$58.04 and its two-hundred day simple moving average is C$53.13. The company has a market cap of C$104.38 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 1.01 and a beta of 0.71.

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

Insider Activity

In other news, insider Rahul Madhav Joshi sold 50,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$53.76, for a total value of C$2,688,000.00. Following the completion of the sale, the insider owned 27,186 shares in the company, valued at approximately C$1,461,519.36. This trade represents a 64.78% decrease in their position. Also, Director Eileen Cloherty sold 6,500 shares of Manulife Financial 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 directly owned 3,412 shares in the company, valued at approximately C$182,371.40. The trade was a 65.58% decrease in their position. In the last 90 days, insiders have sold 136,834 shares of company stock valued at $7,311,659. Corporate insiders own 0.03% of the company’s stock.

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.