CIBC Forecasts Strong Price Appreciation for Manulife Financial (TSE:MFC) Stock

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

Other research analysts have also issued research reports about the stock. Scotiabank raised their price target on shares of Manulife Financial from C$48.00 to C$49.00 in a report on Friday, November 8th. Jefferies Financial Group lifted their target price on shares of Manulife Financial from C$50.00 to C$51.00 in a research note on Thursday, January 30th. Cormark boosted their price target on Manulife Financial from C$47.00 to C$48.00 in a research note on Thursday, November 21st. National Bankshares lifted their price target on shares of Manulife Financial from C$45.00 to C$47.00 in a research note on Thursday, November 7th. Finally, TD Securities raised their target price on Manulife Financial from C$48.00 to C$49.00 and gave the company a "buy" rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Manulife Financial currently has an average rating of "Moderate Buy" and an average target price of C$45.60.

Manulife Financial Stock Down 0.5 %

MFC traded down C$0.22 during midday trading on Friday, hitting C$42.94. 10,942,087 shares of the company were exchanged, compared to its average volume of 5,711,184. The firm has a market capitalization of C$75.32 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.01 and a beta of 1.06. The firm's 50 day moving average price is C$43.49 and its 200-day moving average price is C$41.65. Manulife Financial has a 1-year low of C$31.24 and a 1-year high of C$46.42.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.10%. This is an increase from Manulife Financial's previous quarterly dividend of $0.40. Manulife Financial's dividend payout ratio (DPR) is presently 49.79%.

Insider Buying and Selling

In other news, Senior Officer James D. Gallagher sold 57,064 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of C$44.80, for a total value of C$2,556,638.39. Also, Director Kenneth Michael Ross sold 4,243 shares of the business's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of C$45.80, for a total value of C$194,315.82. Over the last 90 days, insiders sold 62,307 shares of company stock worth $2,796,173. Insiders own 0.03% of the company's stock.

Manulife Financial Company Profile

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.