Manulife Financial (TSE:MFC) Price Target Raised to C$55.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective lifted by Royal Bank Of Canada from C$52.00 to C$55.00 in a report issued on Friday,BayStreet.CA reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

MFC has been the subject of a number of other research reports. Barclays upped their target price on Manulife Financial from C$49.00 to C$52.00 in a report on Friday, January 9th. Jefferies Financial Group upped their price objective on shares of Manulife Financial from C$54.00 to C$58.00 in a report on Monday, February 2nd. TD Securities cut their target price on shares of Manulife Financial from C$60.00 to C$59.00 and set a “buy” rating on the stock in a research note on Thursday. UBS Group upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, October 16th. Finally, Desjardins set a C$55.00 price objective on shares of Manulife Financial and gave the stock a “buy” rating in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of C$55.63.

Manulife Financial Trading Up 2.8%

Shares of TSE:MFC opened at C$50.07 on Friday. The company has a 50-day moving average price of C$50.63 and a 200-day moving average price of C$46.74. The company has a market cap of C$83.95 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.99. Manulife Financial has a 12 month low of C$36.93 and a 12 month high of C$52.97.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, February 11th. The financial services provider reported C$1.12 earnings per share (EPS) for the quarter. The company had revenue of C$22.03 billion for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%. As a group, research analysts forecast that Manulife Financial will post 3.6104452 EPS for the current fiscal year.

Insider Activity

In other Manulife Financial news, insider Shamus Edward Weiland sold 88,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of C$48.95, for a total transaction of C$4,332,075.00. Following the completion of the transaction, the insider owned 53,495 shares of the company’s stock, valued at approximately C$2,618,580.25. This trade represents a 62.33% decrease in their ownership of the stock. Also, insider Rahim Hirji sold 25,048 shares of Manulife Financial stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of C$48.25, for a total transaction of C$1,208,566.00. Following the transaction, the insider owned 31,315 shares of the company’s stock, valued at C$1,510,948.75. The trade was a 44.44% decrease in their ownership of the stock. Insiders own 0.03% of the company’s stock.

Manulife Financial Company Profile

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.