Manulife Financial (TSE:MFC) Price Target Increased to C$39.00 by Analysts at Royal Bank of Canada

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective hoisted by Royal Bank of Canada from C$38.00 to C$39.00 in a research report sent to investors on Friday morning, BayStreet.CA reports.

A number of other brokerages have also recently commented on MFC. Evercore lifted their target price on shares of Manulife Financial from C$36.00 to C$37.00 in a report on Friday, May 10th. TD Securities upped their target price on shares of Manulife Financial from C$40.00 to C$41.00 in a report on Friday, July 12th. National Bank Financial upgraded Manulife Financial from a sector perform market weight rating to an outperform market weight rating in a research note on Wednesday, May 8th. National Bankshares boosted their price objective on shares of Manulife Financial from C$38.00 to C$43.00 and gave the company an outperform rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their target price on shares of Manulife Financial from C$43.00 to C$42.00 in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Manulife Financial has a consensus rating of Moderate Buy and an average price target of C$39.20.

Manulife Financial Trading Down 0.3 %

MFC opened at C$34.32 on Friday. The company has a quick ratio of 2.58, a current ratio of 29.14 and a debt-to-equity ratio of 48.44. Manulife Financial has a 52 week low of C$23.69 and a 52 week high of C$37.46. The business’s 50 day moving average is C$35.67 and its two-hundred day moving average is C$33.84. The firm has a market cap of C$61.78 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 12.56 and a beta of 1.10.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.60 dividend on an annualized basis and a yield of 4.66%. Manulife Financial’s dividend payout ratio (DPR) is presently 70.18%.

Insider Activity

In related news, Director Philip James Witherington sold 97,640 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of C$35.17, for a total value of C$3,433,852.34. Insiders own 0.02% 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.