Manulife Financial (TSE:MFC) Price Target Raised to C$58.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective hoisted by Jefferies Financial Group from C$54.00 to C$58.00 in a research note released on Monday,BayStreet.CA reports.

Several other equities analysts also recently commented on the company. Royal Bank Of Canada set a C$52.00 price target on Manulife Financial and gave the company an “outperform” rating in a report on Monday, January 19th. 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. National Bankshares lifted their target price on shares of Manulife Financial from C$47.00 to C$52.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Barclays boosted their target price on shares of Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, January 9th. Finally, CIBC raised Manulife Financial from a “neutral” rating to an “outperform” rating and raised their price target for the company from C$50.00 to C$58.00 in a research report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$54.63.

Manulife Financial Trading Down 2.0%

Shares of TSE:MFC opened at C$50.89 on Monday. The stock has a market capitalization of C$85.35 billion, a PE ratio of 16.31, a P/E/G ratio of 1.01 and a beta of 0.99. Manulife Financial has a 1 year low of C$36.93 and a 1 year high of C$52.97. The firm has a fifty day moving average price of C$50.37 and a 200 day moving average price of C$46.30.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings results on Wednesday, November 12th. The financial services provider reported C$1.16 earnings per share (EPS) for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%.The company had revenue of C$26.23 billion during the quarter. On average, sell-side analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Shamus Edward Weiland sold 88,500 shares of the company’s stock in a transaction dated 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 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 dated Friday, November 21st. The stock was sold at an average price of C$48.25, for a total value of C$1,208,566.00. Following the sale, the insider directly owned 31,315 shares in the company, valued at approximately C$1,510,948.75. This trade represents 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.