Penny Stocks – Scotiabank Trims Manulife Financial (TSE:MFC) Target price to C$27.00
Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price decreased by analysts at Scotiabank from C$29.00 to C$27.00 in a report issued on Friday, BayStreet.CA reports. Scotiabank’s target price would suggest a potential upside of 5.02% from the company’s previous close.
Several other research analysts have also recently issued reports on MFC. Canaccord Genuity lifted their target price on shares of Manulife Financial from C$28.00 to C$28.50 in a report on Monday, February 1st. BMO Capital Markets upped their target price on shares of Manulife Financial from C$30.00 to C$33.00 and gave the company an “outperform” rating in a report on Friday, April 16th. CIBC reaffirmed a “neutral” rating and set a C$26.00 target price on shares of Manulife Financial in a report on Tuesday, April 20th. CSFB upped their target price on shares of Manulife Financial from C$26.00 to C$28.00 in a report on Friday, April 30th. Finally, Evercore ISI upped their target price on shares of Manulife Financial to C$31.50 and gave the company a “na” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Manulife Financial currently has a consensus rating of “Buy” and an average target price of C$27.81.
TSE:MFC traded down C$0.56 during mid-day trading on Friday, hitting C$25.71. 5,165,649 shares of the company’s stock were exchanged, compared to its average volume of 7,533,936. Manulife Financial has a one year low of C$15.36 and a one year high of C$27.68. The company has a debt-to-equity ratio of 50.93, a current ratio of 6.02 and a quick ratio of 2.88. The business has a fifty day moving average price of C$26.98 and a 200 day moving average price of C$23.99. The company has a market cap of C$49.93 billion and a PE ratio of 8.78.
Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its earnings results on Wednesday, February 10th. The financial services provider reported C$0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.69 by C$0.05. The firm had revenue of C$17.87 billion during the quarter. On average, equities analysts forecast that Manulife Financial will post 3.43 EPS for the current fiscal year.
In other Manulife Financial news, Director Michael James Doughty sold 56,807 shares of the stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of C$24.89, for a total transaction of C$1,414,193.22. Following the completion of the transaction, the director now owns 4,183 shares in the company, valued at C$104,134.53. Also, Senior Officer Steve Finch sold 13,875 shares of the stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of C$24.89, for a total transaction of C$345,413.96. Following the completion of the sale, the insider now directly owns 7,658 shares in the company, valued at approximately C$190,643.61.
Manulife Financial Company Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.
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