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

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target lifted by Scotiabank from C$53.00 to C$55.00 in a report published on Thursday,BayStreet.CA reports. Scotiabank currently has an outperform rating on the financial services provider’s stock.

Several other equities research analysts also recently weighed in on MFC. Barclays increased their price target on Manulife Financial from C$49.00 to C$52.00 in a report on Friday, January 9th. Jefferies Financial Group increased their target price on Manulife Financial from C$54.00 to C$58.00 in a research note on Monday, February 2nd. UBS Group upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, October 16th. National Bankshares upped their price target 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. Finally, Royal Bank Of Canada set a C$52.00 price target on shares of Manulife Financial and gave the stock an “outperform” rating in a research note on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$55.25.

Manulife Financial Trading Up 1.4%

Shares of MFC opened at C$51.97 on Thursday. The company’s fifty day simple moving average is C$50.46 and its 200-day simple moving average is C$46.44. The company has a market cap of C$87.16 billion, a P/E ratio of 16.66, a P/E/G ratio of 1.01 and a beta of 0.99. Manulife Financial has a twelve month low of C$36.93 and a twelve month high of C$52.97.

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

Insider Activity

In related news, 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 completion of the sale, the insider directly owned 31,315 shares in the company, valued at C$1,510,948.75. The trade was a 44.44% decrease in their ownership of the stock. Also, insider Shamus Edward Weiland sold 88,500 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$48.95, for a total transaction of C$4,332,075.00. Following the completion of the sale, the insider directly 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. 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.