Manulife Financial (TSE:MFC) Hits New 1-Year High After Analyst Upgrade

Manulife Financial Co. (TSE:MFCGet Free Report) (NYSE:MFC) shares reached a new 52-week high on Tuesday after Scotiabank raised their price target on the stock from C$30.00 to C$35.00. Scotiabank currently has an outperform rating on the stock. Manulife Financial traded as high as C$29.98 and last traded at C$29.93, with a volume of 1068475 shares. The stock had previously closed at C$29.58.

Several other analysts also recently commented on MFC. Evercore raised their target price on Manulife Financial from C$26.00 to C$30.00 and gave the company an “in-line” rating in a research note on Tuesday, January 23rd. Desjardins boosted their price objective on Manulife Financial from C$27.00 to C$29.00 and gave the stock a “hold” rating in a report on Tuesday, December 12th. Royal Bank of Canada upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from C$32.00 to C$34.00 in a research note on Tuesday, December 12th. CIBC upgraded Manulife Financial from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from C$28.00 to C$30.00 in a research note on Wednesday, January 31st. Finally, Cormark boosted their price objective on Manulife Financial from C$29.00 to C$31.00 and gave the stock a “market perform” rating in a research report on Tuesday, December 12th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of C$31.18.

View Our Latest Stock Analysis on Manulife Financial

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Senior Officer Steve Finch sold 10,295 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of C$25.97, for a total transaction of C$267,335.41. 0.03% of the stock is currently owned by company insiders.

Manulife Financial Trading Up 1.5 %

The company has a current ratio of 22.91, a quick ratio of 2.58 and a debt-to-equity ratio of 56.70. The firm has a fifty day simple moving average of C$28.62 and a two-hundred day simple moving average of C$26.47. The firm has a market cap of C$54.32 billion, a PE ratio of 4.29, a PEG ratio of 11.85 and a beta of 1.09.

Manulife Financial (TSE:MFCGet Free Report) (NYSE:MFC) last issued its quarterly earnings data on Wednesday, November 8th. The financial services provider reported C$0.92 EPS for the quarter, topping the consensus estimate of C$0.82 by C$0.10. The business had revenue of C$9.32 billion during the quarter, compared to analyst estimates of C$14.82 billion. Manulife Financial had a net margin of 70.18% and a return on equity of 26.37%. Equities analysts forecast that Manulife Financial Co. will post 3.6332518 EPS for the current year.

Manulife Financial Company Profile

(Get Free Report)

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 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.

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