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

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

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

Manulife Financial Trading Down 4.4 %

TSE:MFC opened at C$43.16 on Friday. Manulife Financial has a 1 year low of C$31.24 and a 1 year high of C$46.42. The firm’s fifty day simple moving average is C$43.51 and its 200 day simple moving average is C$41.53. The firm has a market capitalization of C$75.70 billion, a PE ratio of 13.43, a PEG ratio of 1.01 and a beta of 1.06.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.44 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 4.08%. Manulife Financial’s payout ratio is 49.79%.

Insider Activity

In related news, Senior Officer James D. Gallagher sold 57,064 shares of Manulife Financial stock in a transaction dated 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 Anthony Alex Silva sold 1,000 shares of Manulife Financial stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of C$45.22, for a total transaction of C$45,218.70. In the last three months, insiders have sold 62,307 shares of company stock worth $2,796,173. Corporate insiders own 0.03% of the company’s stock.

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.