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Manulife Financial (MFC) Received its Third Buy in a Row


Analysts seem to be optimistic about Manulife Financial (MFC) lately, with another positive rating update this time from BMO Capital. Yesterday, analyst Tom Mackinnon gave a Buy rating to MFC and set a C$31 price target.

According to TipRanks.com, Mackinnon is a 4-star analyst with an average return of 7.7% and a 59.5% success rate. Mackinnon covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Manulife Financial Corp, and IGM Financial.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Manulife Financial with a C$28 average price target, a 25.4% upside from current levels. In a report issued on October 31, Scotiabank also reiterated a Buy rating on the stock with a C$27 price target.

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Based on Manulife Financial’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$13.11 billion and net profit of C$1.26 billion. In comparison, last year the company earned revenue of C$11.46 billion and had a net profit of C$1.11 billion.

Manulife Financial Corp. is a holding company, which engages in the provision of financial protection and wealth management products and services. It operates through the following business segments: Protection; Wealth and Asset Management; Other Wealth; and Corporate and Other.

The company’s shares closed on Thursday at C$22.33.