Manulife Financial (TSE:MFC) Price Target Raised to C$33.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target lifted by equities researchers at BMO Capital Markets from C$32.00 to C$33.00 in a report released on Friday, November 8th, BayStreet.CA reports. BMO Capital Markets’ price target suggests a potential upside of 30.59% from the company’s previous close.

Other research analysts have also issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating and set a C$30.00 price objective on shares of Manulife Financial in a report on Friday, August 9th. CIBC boosted their price objective on Manulife Financial from C$27.00 to C$29.00 in a report on Friday, November 8th. TD Securities boosted their price objective on Manulife Financial from C$31.00 to C$32.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity boosted their price objective on Manulife Financial from C$33.00 to C$34.00 in a report on Friday, November 8th. Finally, Evercore ISI cut their target price on Manulife Financial from C$24.50 to C$24.00 in a research note on Thursday, August 8th.

Shares of MFC traded down C$0.11 during midday trading on Friday, hitting C$25.27. 2,716,100 shares of the company traded hands, compared to its average volume of 4,904,158. Manulife Financial has a one year low of C$18.33 and a one year high of C$26.47. The company has a debt-to-equity ratio of 46.37, a current ratio of 136.24 and a quick ratio of 60.15. The firm has a market cap of $49.48 billion and a P/E ratio of 10.37. The stock has a 50-day moving average of C$25.37 and a 200-day moving average of C$23.89.

In related news, Senior Officer Steve Finch sold 14,256 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of C$26.19, for a total transaction of C$373,380.32. Following the completion of the transaction, the insider now owns 6,214 shares in the company, valued at C$162,751.50. Also, Senior Officer Stephani Kingsmill sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of C$26.05, for a total value of C$521,000.00. Following the transaction, the insider now owns 22,660 shares of the company’s stock, valued at approximately C$590,293. In the last three months, insiders have sold 36,218 shares of company stock valued at $945,767.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.

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