Manulife Financial (MFC) Price Target Lowered to C$31.00 at BMO Capital Markets

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Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price reduced by BMO Capital Markets from C$32.00 to C$31.00 in a report released on Friday morning.

Other equities analysts also recently issued research reports about the company. TD Securities lifted their price objective on Manulife Financial from C$29.00 to C$30.00 in a research report on Thursday. CIBC lifted their price objective on Manulife Financial from C$25.00 to C$26.50 in a research report on Sunday, November 4th. Desjardins cut their price objective on Manulife Financial from C$29.00 to C$27.00 in a research report on Tuesday, October 16th. Canaccord Genuity set a C$29.00 price objective on Manulife Financial and gave the company a buy rating in a research report on Tuesday, July 24th. Finally, Evercore ISI reiterated an in-line rating and issued a C$26.00 price objective on shares of Manulife Financial in a research report on Thursday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of C$28.50.

MFC remained flat at $C$22.33 during trading on Friday. The company’s stock had a trading volume of 4,301,200 shares, compared to its average volume of 3,697,690. Manulife Financial has a 52-week low of C$19.63 and a 52-week high of C$27.77.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings data on Wednesday, August 8th. The financial services provider reported C$0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.65 by C$0.05. The business had revenue of C$13.67 billion during the quarter. On average, equities research analysts expect that Manulife Financial will post 2.88000008254367 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Tuesday, November 20th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, November 19th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.48%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.22. Manulife Financial’s payout ratio is presently 87.20%.

In other news, insider Rahim Hirji sold 22,000 shares of the business’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. Also, Director Michael James Doughty sold 18,129 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total value of C$437,634.06. In the last 90 days, insiders have sold 45,883 shares of company stock valued at $1,111,136.

About Manulife Financial

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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