Manulife Financial (MFC) Price Target Lowered to C$31.00 at BMO Capital Markets
MFC has been the topic of a number of other research reports. CIBC lowered their target price on Manulife Financial from C$30.00 to C$25.00 in a report on Monday, October 29th. Desjardins lowered their target price on Manulife Financial from C$29.00 to C$27.00 in a report on Tuesday, October 16th. National Bank Financial lowered their target price on Manulife Financial from C$30.00 to C$27.00 and set an outperform rating on the stock in a report on Friday, October 5th. TD Securities raised their target price on Manulife Financial from C$29.00 to C$30.00 in a report on Thursday. Finally, Evercore ISI reaffirmed an in-line rating and issued a C$26.00 target price on shares of Manulife Financial in a report on Thursday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Manulife Financial presently has an average rating of Buy and a consensus price target of C$28.50.
MFC remained flat at $C$22.33 during midday 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 12-month low of C$19.63 and a 12-month high of C$27.77.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Tuesday, November 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.48%. The ex-dividend date of this dividend is Monday, November 19th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.22. Manulife Financial’s dividend payout ratio (DPR) is presently 87.20%.
In other news, Director Michael James Doughty sold 18,129 shares of Manulife Financial stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total transaction of C$437,634.06. Also, insider Lynda Sullivan sold 5,754 shares of Manulife Financial stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total value of C$138,901.56. Insiders have sold a total of 45,883 shares of company stock worth $1,111,136 in the last three months.
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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