CIBC Increases Price Target for Manulife Financial to C$46.00

On Friday, CIBC announced that it has raised its price target for Manulife Financial (TSE:MFC - Get Free Report) from C$42.00 to C$46.00, according to reports by BayStreet.CA. This new target suggests a potential upside of 4.03% based on the stock's current market price.

Recent evaluations of Manulife Financial have revealed mixed opinions from various investment analysts. For instance, Jefferies Financial Group raised their price target from C$42.00 to C$47.00 while maintaining a "buy" rating for the stock on Wednesday, October 16th. Additionally, Dbs Bank upgraded Manulife Financial to a "strong-buy" rating on August 8th. Furthermore, TD Securities increased their price target from C$45.00 to C$48.00 and also gave the company a "buy" rating in a report released last Thursday.

Other analysts have also made adjustments to their targets: Royal Bank of Canada lifted their target from C$38.00 to C$39.00 on August 9th, while Barclays set a price target of C$39.00 with an "equal weight" rating in a report from September 5th. Within this landscape, one analyst has issued a sell rating on the stock, three have given it a hold rating, eight have rated it a buy, and one has rated it as a strong buy. According to MarketBeat, Manulife Financial currently holds a consensus rating of "Moderate Buy" with an average price target set at C$42.27.

Manulife Financial Stock Movement

In trading on Friday, shares of Manulife Financial were down by C$0.54, bringing the stock price to C$44.22. A notable volume of 852,346 shares was traded compared to the average daily volume of 6,369,308 shares. Over the past year, Manulife Financial has experienced a low of C$25.39 and a high of C$45.68. The company's financial metrics showcase a debt-to-equity ratio of 49.60, a quick ratio of 2.58, and a current ratio of 36.68. The stock has a 50-day moving average price of C$39.84, while its 200-day moving average price stands at C$36.88. As of now, the company's market capitalization is C$78.27 billion, with a price-to-earnings ratio of 18.76, and a P/E/G ratio of 1.01.

When it comes to recent earnings, Manulife Financial released its quarterly results on August 7th. During this period, the company reported earnings per share (EPS) of C$0.91, which exceeded the analysts' consensus estimate of C$0.88 by C$0.03. The firm's revenue for the quarter stood at C$12.88 billion, surpassing the expected revenue of C$12.27 billion. Manulife Financial reported a return on equity of 10.41% and a net margin of 17.34%. Analysts are predicting that the company will achieve earnings per share of 3.61 for the ongoing fiscal year.

Insider Transactions at Manulife Financial

In other updates, Director Matthew Lyman Macinnis sold 6,708 shares of the company's stock in a transaction dated August 13th, at an average price of C$34.67, amounting to a transaction value of C$232,566.36. Another transaction involving Director Tin Ku occurred on September 5th, when he sold 2,166 shares at an average price of C$37.45, totaling C$81,116.70. Following this sale, he now retains ownership of 253 shares valued at approximately C$9,474.85. In total, insiders have sold 68,821 shares of the company in the past ninety days, valued at $2,455,596. Currently, insiders hold 0.03% of the company's stock.

Overview of Manulife Financial

Manulife Financial Corporation, along with its subsidiaries, provides a range of financial products and services. The company operates across several regions, including the United States, Canada, and Asia. Its operations are divided into Wealth and Asset Management, Insurance and Annuity Products, and Corporate and Other segments. The Wealth and Asset Management segment delivers investment advice and solutions tailored for retirement, retail, and institutional clients through various distribution channels such as agents, brokers, and financial advisors.

Manulife, CIBC, Stocks