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

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

A number of other analysts have also recently weighed in on MFC. Jefferies Financial Group raised their target price on shares of Manulife Financial from C$50.00 to C$51.00 in a report on Thursday, January 30th. Scotiabank upped their price target on shares of Manulife Financial from C$48.00 to C$49.00 in a research report on Friday, November 8th. Cormark upped their price target on shares of Manulife Financial from C$47.00 to C$48.00 in a research report on Thursday, November 21st. TD Securities upped their price target on shares of Manulife Financial from C$48.00 to C$49.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Barclays upped their price target on shares of Manulife Financial from C$40.00 to C$47.00 in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$45.60.

Manulife Financial Stock Performance

Shares of TSE:MFC opened at C$43.16 on Friday. The stock has a market capitalization of C$75.70 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 1.01 and a beta of 1.06. Manulife Financial has a 1-year low of C$31.24 and a 1-year high of C$46.42. The company has a 50 day moving average price of C$43.51 and a 200 day moving average price of C$41.53.

Manulife Financial Increases Dividend

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

Insiders Place Their Bets

In other news, Director Anthony Alex Silva sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$45.22, for a total transaction of C$45,218.70. Also, Director Kenneth Michael Ross sold 4,243 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were 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 quarter. 0.03% of the stock is currently owned by corporate insiders.

Manulife Financial Company Profile

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.