Royal Bank Of Canada Has Lowered Expectations for Manulife Financial (TSE:MFC) Stock Price

Key Points

• Royal Bank of Canada has decreased its price target for Manulife Financial from C$51.00 to C$49.00, maintaining an "outperform" rating, which implies a potential upside of 18.41% from the previous close.
• Multiple analysts have recently revised their price targets for Manulife Financial, with Barclays setting a target of C$47.00 and Jefferies lowering it to C$46.00, resulting in a consensus rating of "Moderate Buy" and an average price target of C$47.75.
• Insider trading activity included significant sales by Director Aimee Decamillo and Senior Officer Naveed Irshad, with a total of 62,070 shares sold over the past 90 days.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective lowered by research analysts at Royal Bank Of Canada from C$51.00 to C$49.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 18.21% from the company's previous close.

A number of other research firms have also weighed in on MFC. Barclays upped their price objective on Manulife Financial from C$46.00 to C$47.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. CIBC dropped their price target on shares of Manulife Financial from C$48.00 to C$46.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Jefferies Financial Group decreased their price objective on shares of Manulife Financial from C$51.00 to C$46.00 in a report on Monday, April 21st. National Bankshares cut their price objective on shares of Manulife Financial from C$48.00 to C$47.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Scotiabank reduced their price target on Manulife Financial from C$53.00 to C$50.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$47.75.

Manulife Financial Stock Performance

Shares of MFC traded up C$0.26 during mid-day trading on Friday, hitting C$41.45. 534,328 shares of the company traded hands, compared to its average volume of 7,555,083. Manulife Financial has a 1 year low of C$34.46 and a 1 year high of C$46.42. The stock has a market cap of C$72.70 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 1.01 and a beta of 1.06. The stock has a 50-day moving average price of C$42.65 and a two-hundred day moving average price of C$42.68.

Insider Activity

In other Manulife Financial news, Senior Officer Trevor Kreel sold 3,636 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of C$44.22, for a total transaction of C$160,781.74. Also, Senior Officer Rahim Hirji sold 17,849 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of C$44.22, for a total transaction of C$789,272.07. Insiders have sold a total of 46,955 shares of company stock valued at $2,075,684 in the last ninety days. 0.03% of the stock is owned by company insiders.

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.