TD Securities Cuts Manulife Financial (TSE:MFC) Price Target to C$59.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its target price trimmed by TD Securities from C$60.00 to C$59.00 in a report issued on Thursday morning,BayStreet.CA reports. The firm currently has a buy rating on the financial services provider’s stock.

MFC has been the topic of several other research reports. Royal Bank Of Canada set a C$52.00 target price on shares of Manulife Financial and gave the company an “outperform” rating in a report on Monday, January 19th. National Bank Financial boosted their price objective on Manulife Financial from C$47.00 to C$52.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Scotiabank upped their target price on Manulife Financial from C$53.00 to C$55.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Jefferies Financial Group lifted their target price on Manulife Financial from C$54.00 to C$58.00 in a report on Monday, February 2nd. Finally, Barclays boosted their price target on Manulife Financial from C$49.00 to C$52.00 in a research note on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Manulife Financial presently has a consensus rating of “Buy” and an average target price of C$55.63.

Manulife Financial Price Performance

Manulife Financial stock opened at C$50.07 on Thursday. The firm has a market cap of C$83.95 billion, a P/E ratio of 16.05, a P/E/G ratio of 1.01 and a beta of 0.99. The stock’s 50 day moving average is C$50.63 and its 200 day moving average is C$46.71. Manulife Financial has a one year low of C$36.93 and a one year high of C$52.97.

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

Insiders Place Their Bets

In other Manulife Financial news, insider Rahim Hirji sold 25,048 shares of the business’s stock in a transaction 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 completion of the sale, the insider owned 31,315 shares in the company, valued at approximately C$1,510,948.75. The trade was a 44.44% decrease in their position. Also, insider Shamus Edward Weiland sold 88,500 shares of the firm’s stock in a transaction 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 directly owned 53,495 shares in the company, valued at 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.

About Manulife Financial

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.