Manulife Financial (TSE:MFC) Price Target Lowered to C$25.00 at CIBC

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective decreased by CIBC from C$30.00 to C$25.00 in a research note released on Monday, October 29th.

MFC has been the topic of several other research reports. National Bank Financial cut their price target on Manulife Financial from C$31.00 to C$30.00 and set an outperform rating on the stock in a report on Thursday, August 9th. Desjardins cut their price target on Manulife Financial from C$29.00 to C$27.00 in a report on Tuesday, October 16th. Finally, Canaccord Genuity set a C$29.00 target price on Manulife Financial and gave the company a buy rating in a research report on Tuesday, July 24th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Manulife Financial presently has an average rating of Buy and an average target price of C$28.35.

Shares of TSE MFC traded up C$0.35 during mid-day trading on Monday, hitting C$21.77. The company had a trading volume of 2,073,431 shares, compared to its average volume of 3,719,581. Manulife Financial has a 12 month low of C$19.63 and a 12 month high of C$27.77.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Tuesday, November 20th will be given a $0.25 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.22. This represents a $1.00 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Monday, November 19th. Manulife Financial’s dividend payout ratio (DPR) is currently 70.79%.

In other news, insider Steve Finch purchased 3,000 shares of the stock in a transaction dated Thursday, November 15th. The shares were bought at an average cost of C$16.63 per share, for a total transaction of C$49,890.00. Also, Director Michael James Doughty sold 18,130 shares of Manulife Financial stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of C$22.46, for a total value of C$407,199.80.

Manulife Financial Company Profile

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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