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

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target upped by CIBC from C$47.00 to C$48.00 in a research note issued to investors on Friday,BayStreet.CA reports.

Several other analysts have also recently weighed in on the stock. Scotiabank lifted their price objective on shares of Manulife Financial from C$48.00 to C$49.00 in a research note on Friday, November 8th. TD Securities lifted their price objective on shares of Manulife Financial from C$48.00 to C$49.00 and gave the stock a “buy” rating in a research note on Thursday. National Bankshares raised their target price on shares of Manulife Financial from C$45.00 to C$47.00 in a report on Thursday, November 7th. Cormark boosted their target price on shares of Manulife Financial from C$47.00 to C$48.00 in a research report on Thursday, November 21st. Finally, Jefferies Financial Group boosted their target price on shares of Manulife Financial from C$50.00 to C$51.00 in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Manulife Financial has an average rating of “Moderate Buy” and a consensus price target of C$45.60.

Manulife Financial Stock Down 4.4 %

Shares of Manulife Financial stock opened at C$43.16 on Friday. Manulife Financial has a twelve month low of C$31.24 and a twelve month high of C$46.42. The company has a 50-day simple moving average of C$43.51 and a two-hundred day simple moving average of C$41.58. The stock has a market capitalization of C$75.70 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 4.08%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.40. Manulife Financial’s dividend payout ratio is currently 49.79%.

Insider Buying and Selling

In related news, Senior Officer James D. Gallagher sold 57,064 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of C$44.80, for a total transaction of C$2,556,638.39. Also, Director Kenneth Michael Ross sold 4,243 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of C$45.80, for a total transaction of C$194,315.82. Insiders sold a total of 62,307 shares of company stock worth $2,796,173 in the last three months. 0.03% of the stock is owned by corporate insiders.

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.