Scotiabank Boosts Manulife Financial (TSE:MFC) Price Target to C$48.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price increased by Scotiabank from C$41.00 to C$48.00 in a research note issued to investors on Wednesday morning, BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

MFC has been the topic of a number of other reports. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays set a C$39.00 price objective on Manulife Financial and gave the company an “equal weight” rating in a research note on Thursday, September 5th. National Bankshares raised their target price on Manulife Financial from C$38.00 to C$43.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Royal Bank of Canada upped their price target on Manulife Financial from C$38.00 to C$39.00 in a research report on Friday, August 9th. Finally, TD Securities increased their price target on Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of C$40.82.

Manulife Financial Stock Performance

Shares of MFC opened at C$41.13 on Wednesday. The stock has a 50 day moving average of C$39.52 and a 200 day moving average of C$36.62. The company has a current ratio of 36.68, a quick ratio of 2.58 and a debt-to-equity ratio of 49.60. Manulife Financial has a 12 month low of C$24.81 and a 12 month high of C$42.52. The company has a market capitalization of C$72.80 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 1.01 and a beta of 1.06.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.88 by C$0.03. The firm had revenue of C$12.88 billion during the quarter, compared to analyst estimates of C$12.27 billion. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%. As a group, sell-side analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current year.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.89%. Manulife Financial’s dividend payout ratio (DPR) is currently 68.09%.

Insider Activity at Manulife Financial

In other Manulife Financial news, Director Matthew Lyman Macinnis sold 6,708 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total value of C$232,566.36. In related news, Director Rocco Gori sold 48,345 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$1,727,395.86. Also, Director Matthew Lyman Macinnis sold 6,708 shares of Manulife Financial stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. Over the last 90 days, insiders sold 68,821 shares of company stock valued at $2,455,596. Corporate insiders own 0.03% of the company’s stock.

Manulife Financial Company Profile

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.