BMO Capital Markets Forecasts Strong Price Appreciation for Manulife Financial (TSE:MFC) Stock

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price raised by stock analysts at BMO Capital Markets from C$67.00 to C$70.00 in a report released on Friday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 13.12% from the stock’s current price.

Several other analysts have also recently weighed in on the company. Scotia lifted their price objective on Manulife Financial from C$61.00 to C$67.00 and gave the company a “sector outperform” rating in a research report on Friday. Desjardins raised their target price on Manulife Financial from C$63.00 to C$68.00 and gave the company a “buy” rating in a research note on Friday. Canadian Imperial Bank of Commerce upped their price target on Manulife Financial from C$61.00 to C$69.00 in a research note on Wednesday, July 15th. Jefferies Financial Group upped their price target on Manulife Financial from C$61.00 to C$70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, Scotiabank raised their price objective on Manulife Financial from C$56.00 to C$61.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of C$66.00.

Manulife Financial Stock Down 1.0%

Shares of TSE:MFC traded down C$0.64 on Friday, hitting C$61.88. The company had a trading volume of 1,206,204 shares, compared to its average volume of 6,002,304. The firm’s 50-day simple moving average is C$58.24 and its two-hundred day simple moving average is C$53.20. The firm has a market capitalization of C$102.84 billion, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.01 and a beta of 0.71. Manulife Financial has a 1 year low of C$41.08 and a 1 year high of C$63.58.

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

Insider Buying and Selling

In other Manulife Financial news, Director Eileen Cloherty sold 6,500 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$53.45, for a total value of C$347,425.00. Following the sale, the director directly owned 3,412 shares of the company’s stock, valued at approximately C$182,371.40. The trade was a 65.58% decrease in their ownership of the stock. Also, Director Anthony Alex Silva sold 1,100 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of C$53.17, for a total value of C$58,487.00. Following the completion of the sale, the director directly owned 7,075 shares in the company, valued at approximately C$376,177.75. This represents a 13.46% decrease in their ownership of the stock. Over the last ninety days, insiders sold 136,834 shares of company stock valued at $7,311,659. 0.03% of the stock is owned by insiders.

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.