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

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) had its target price raised by equities research analysts at CIBC from C$23.00 to C$27.00 in a report released on Wednesday, The Fly reports.

A number of other research analysts have also recently issued reports on MFC. Barclays lowered their price objective on Manulife Financial from C$30.00 to C$29.00 in a research note on Wednesday, October 12th. National Bank Financial boosted their price target on Manulife Financial from C$24.00 to C$26.00 in a research note on Wednesday. Credit Suisse Group began coverage on Manulife Financial in a research note on Thursday, January 12th. They issued a “neutral” rating for the company. Finally, StockNews.com began coverage on Manulife Financial in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.88.

Manulife Financial Trading Up 0.9 %

NYSE:MFC traded up $0.18 during trading hours on Wednesday, reaching $19.42. 3,063,042 shares of the company traded hands, compared to its average volume of 2,491,209. The business’s 50-day moving average price is $18.04 and its two-hundred day moving average price is $17.46. The stock has a market capitalization of $36.22 billion, a P/E ratio of 6.61, a P/E/G ratio of 0.81 and a beta of 1.12. Manulife Financial has a 1 year low of $14.92 and a 1 year high of $22.19.

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) last announced its quarterly earnings data on Wednesday, November 9th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The business had revenue of $5.96 billion during the quarter, compared to analyst estimates of $11.51 billion. As a group, equities analysts anticipate that Manulife Financial will post 2.27 EPS for the current year.

Institutional Trading of Manulife Financial

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Manulife Financial by 1.7% during the third quarter. Vanguard Group Inc. now owns 68,512,770 shares of the financial services provider’s stock valued at $1,073,595,000 after acquiring an additional 1,169,175 shares during the last quarter. National Bank of Canada FI grew its holdings in Manulife Financial by 457.2% during the fourth quarter. National Bank of Canada FI now owns 29,997,656 shares of the financial services provider’s stock valued at $534,936,000 after purchasing an additional 24,613,635 shares during the period. Bank of Nova Scotia grew its holdings in Manulife Financial by 18.2% during the second quarter. Bank of Nova Scotia now owns 28,768,953 shares of the financial services provider’s stock valued at $498,834,000 after purchasing an additional 4,425,761 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Manulife Financial by 0.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 21,589,406 shares of the financial services provider’s stock valued at $373,562,000 after purchasing an additional 174,580 shares during the period. Finally, Toronto Dominion Bank grew its holdings in Manulife Financial by 50.0% during the third quarter. Toronto Dominion Bank now owns 17,846,160 shares of the financial services provider’s stock valued at $296,917,000 after purchasing an additional 5,951,897 shares during the period. Hedge funds and other institutional investors own 43.42% of the company’s stock.

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.

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