CIBC Raises Manulife Financial (MFC) Price Target to C$26.50

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Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target upped by CIBC from C$25.00 to C$26.50 in a research report sent to investors on Sunday.

A number of other research analysts have also commented on the company. Desjardins lowered their price target on Manulife Financial from C$29.00 to C$27.00 in a research report on Tuesday, October 16th. National Bank Financial lowered their price target on Manulife Financial from C$30.00 to C$27.00 and set an outperform rating for the company in a research report on Friday, October 5th. Finally, Canaccord Genuity set a C$29.00 price target on Manulife Financial and gave the company a buy rating in a research report on Tuesday, July 24th. Seven investment analysts have rated the stock with a buy rating, The stock presently has an average rating of Buy and an average price target of C$28.94.

TSE MFC opened at C$21.59 on Friday. Manulife Financial has a 1-year low of C$19.63 and a 1-year high of C$27.77.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, August 8th. The financial services provider reported C$0.70 EPS for the quarter, beating analysts’ consensus estimates of C$0.65 by C$0.05. The business had revenue of C$13.67 billion for the quarter.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Tuesday, November 20th will be given a dividend of $0.25 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, November 19th. This represents a $1.00 dividend on an annualized basis and a yield of 4.63%.

In other Manulife Financial news, insider Lynda Sullivan sold 5,754 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total transaction of C$138,901.56. Also, insider Rahim Hirji sold 22,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of C$24.30, for a total value of C$534,600.00. Insiders have sold a total of 45,883 shares of company stock valued at $1,111,136 in the last ninety days.

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 through insurance agents, brokers, banks, financial planners, and direct marketing.

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Analyst Recommendations for Manulife Financial (TSE:MFC)

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