CIBC Increases Price Target for Manulife Financial to C$46.00

Manulife Financial (TSE:MFC) has received an updated price target from CIBC, increasing it from C$42.00 to C$46.00. This change was communicated in a research note to investors on Friday, indicating a potential upside of approximately 4.03% from its current market price.

In recent weeks, several analysts have provided their insights regarding Manulife Financial’s stock. Jefferies Financial Group raised their price target for the company to C$47.00 while giving it a "buy" rating in a note dated October 16. Additionally, Dbs Bank upgraded their rating to "strong-buy" on August 8. TD Securities also adjusted their price objective up from C$45.00 to C$48.00, maintaining a "buy" rating. On the other hand, the Royal Bank of Canada raised its target price from C$38.00 to C$39.00 in a report published on August 9. Lastly, Barclays set a target price of C$39.00 with an "equal weight" rating on September 5.

As a result of these ratings, Manulife Financial currently has a broad spectrum of analyst opinions: one has given a sell rating, three analysts have provided a hold rating, eight have issued buy ratings, and one has signaled a strong buy. According to MarketBeat.com, the consensus recommendation for the stock is a "Moderate Buy," with an average price target sitting at around C$42.27.

Current Stock Performance

In trading on Friday, shares of Manulife Financial dipped by C$0.54, bringing their price down to C$44.22. A total of 852,346 shares exchanged hands, which is less than the average volume of 6,369,308 shares. Over the past year, the stock has fluctuated between a low of C$25.39 and a high of C$45.68. The company has a debt-to-equity ratio of 49.60 and a quick ratio of 2.58, alongside a current ratio of 36.68. Its market cap stands at C$78.27 billion, with a price-to-earnings ratio of 18.76 and a P/E/G ratio of 1.01.

Manulife Financial shared its quarterly earnings results recently on August 7, reporting earnings of C$0.91 per share (EPS), exceeding analyst estimates of C$0.88. The company generated revenue of C$12.88 billion for the quarter, surpassing expectations of C$12.27 billion. The firm’s return on equity is noted at 10.41%, with a net margin of 17.34%. Analysts forecast that Manulife Financial will deliver an EPS of approximately 3.61 for the current fiscal year.

Insider Transactions

In relevant insider news, on August 13, Director Matthew Lyman Macinnis sold 6,708 shares at an average price of C$34.67, totaling around C$232,566.36. Another transaction involved Director Tin Ku, who sold 2,166 shares on September 5 for an average price of C$37.45, amounting to about C$81,116.70. Following these sales, Tin Ku has 253 shares left in the company, valued at roughly C$9,474.85. Collectively, insiders have sold 68,821 shares in the last ninety days, equating to a total of $2,455,596. Currently, insiders hold just 0.03% of the company’s stock.

Overview of Manulife Financial

Manulife Financial Corporation provides a wide range of financial products and services both in North America and internationally through its subsidiaries. The company operates in several segments, including Wealth and Asset Management, Insurance and Annuity Products, and Corporate and Other. The Wealth and Asset Management segment offers investment advice and solutions tailored for retirement, retail, and institutional clients through various distribution channels such as affiliated agents and brokers, independent securities brokerage firms, and financial advisors.

finance, stocks, investment