CIBC Cuts Manulife Financial (MFC) Price Target to C$25.00

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Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target cut by CIBC from C$30.00 to C$25.00 in a research note released on Monday.

MFC has been the subject of a number of other research reports. Canaccord Genuity set a C$29.00 target price on shares of Manulife Financial and gave the stock a buy rating in a report on Tuesday, July 24th. National Bank Financial dropped their target price on shares of Manulife Financial from C$31.00 to C$30.00 and set an outperform rating for the company in a report on Thursday, August 9th. Finally, Desjardins dropped their target price on shares of Manulife Financial from C$29.00 to C$27.00 in a report on Tuesday, October 16th. Seven analysts have rated the stock with a buy rating, The stock presently has an average rating of Buy and a consensus target price of C$29.00.

Shares of TSE MFC opened at C$20.73 on Monday. Manulife Financial has a one year low of C$19.63 and a one year high of C$27.77.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, August 8th. The financial services provider reported C$0.70 EPS for the quarter, topping the consensus estimate of C$0.65 by C$0.05. The company had revenue of C$13.67 billion during the quarter. Manulife Financial had a negative net margin of 7.55% and a negative return on equity of 12.24%.

In other news, Director Michael James Doughty sold 18,129 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of C$24.14, for a total transaction of C$437,634.06. Also, insider Rahim Hirji sold 22,000 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of C$24.30, for a total transaction of C$534,600.00. Insiders have sold 45,883 shares of company stock valued at $1,111,136 in the last ninety days.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.

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Analyst Recommendations for Manulife Financial (TSE:MFC)

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