TD Securities Raises Manulife Financial (TSE:MFC) Price Target to C$40.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target boosted by TD Securities from C$38.00 to C$40.00 in a research note released on Friday, BayStreet.CA reports. TD Securities currently has a buy rating on the financial services provider’s stock.

MFC has been the subject of several other research reports. National Bankshares raised shares of Manulife Financial from a sector perform rating to an outperform rating and boosted their price target for the stock from C$34.00 to C$38.00 in a report on Thursday, May 9th. Evercore raised their price target on shares of Manulife Financial from C$36.00 to C$37.00 in a research note on Friday, May 10th. National Bank Financial upgraded Manulife Financial from a sector perform market weight rating to an outperform market weight rating in a research note on Wednesday, May 8th. CIBC raised their target price on Manulife Financial from C$34.00 to C$36.00 in a research report on Friday, May 10th. Finally, BMO Capital Markets boosted their price target on Manulife Financial from C$40.00 to C$41.00 in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Manulife Financial has an average rating of Moderate Buy and an average target price of C$37.50.

Manulife Financial Trading Up 0.4 %

MFC stock opened at C$36.43 on Friday. Manulife Financial has a 52-week low of C$23.69 and a 52-week high of C$36.62. The company has a quick ratio of 2.58, a current ratio of 29.14 and a debt-to-equity ratio of 48.44. The firm has a market cap of C$65.57 billion, a P/E ratio of 15.98, a PEG ratio of 12.56 and a beta of 1.10. The company’s 50-day simple moving average is C$34.79 and its 200-day simple moving average is C$32.32.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported C$0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.90 by C$0.04. The company had revenue of C$12.80 billion for the quarter, compared to the consensus estimate of C$12.13 billion. Manulife Financial had a return on equity of 10.48% and a net margin of 18.29%. As a group, equities analysts forecast that Manulife Financial will post 3.6078629 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.39%. The ex-dividend date was Tuesday, May 21st. Manulife Financial’s payout ratio is currently 70.18%.

Insiders Place Their Bets

In other news, Director Philip James Witherington sold 97,640 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of C$35.17, for a total value of C$3,433,852.34. In other Manulife Financial news, Senior Officer Steve Finch sold 11,598 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of C$35.29, for a total value of C$409,293.42. Also, Director Philip James Witherington sold 97,640 shares of Manulife Financial stock in a transaction dated Friday, May 31st. The shares were sold at an average price of C$35.17, for a total transaction of C$3,433,852.34. Insiders have sold 157,878 shares of company stock valued at $5,557,706 over the last ninety days. Company insiders own 0.02% of the company’s stock.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, 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 offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.