CIBC Increases Manulife Financial (TSE:MFC) Price Target to C$50.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price boosted by investment analysts at CIBC from C$49.00 to C$50.00 in a note issued to investors on Friday,BayStreet.CA reports. CIBC’s price target points to a potential upside of 3.16% from the stock’s current price.

Other analysts have also issued research reports about the company. Royal Bank Of Canada boosted their price target on Manulife Financial from C$49.00 to C$52.00 in a report on Friday. Desjardins raised their target price on shares of Manulife Financial from C$48.00 to C$52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. UBS Group raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, October 16th. National Bankshares lifted their price objective on shares of Manulife Financial from C$47.00 to C$52.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Finally, TD Securities boosted their price target on Manulife Financial from C$54.00 to C$57.00 in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Manulife Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of C$50.56.

Manulife Financial Stock Performance

Shares of MFC stock traded up C$0.17 on Friday, reaching C$48.47. The stock had a trading volume of 2,925,133 shares, compared to its average volume of 7,153,616. Manulife Financial has a 1 year low of C$36.93 and a 1 year high of C$49.82. The stock has a market cap of C$81.90 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.01 and a beta of 0.94. The company has a 50 day simple moving average of C$44.69 and a 200 day simple moving average of C$43.44.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, November 12th. The financial services provider reported C$1.02 earnings per share for the quarter. The firm had revenue of C$43.35 billion for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%. On average, equities research analysts anticipate that Manulife Financial will post 3.6104452 earnings per share for the current fiscal year.

About Manulife Financial

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada’s Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.