Royal Bank Of Canada Issues Pessimistic Forecast 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 Royal Bank Of Canada from C$51.00 to C$49.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 16.97% from the company's current price.

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

Manulife Financial Price Performance

Shares of TSE MFC traded up C$0.34 during midday trading on Friday, reaching C$41.89. The company's stock had a trading volume of 267,822 shares, compared to its average volume of 7,519,063. The stock has a market capitalization of C$73.48 billion, a P/E ratio of 13.03, a PEG ratio of 1.01 and a beta of 1.06. The firm has a 50 day moving average price of C$42.60 and a 200-day moving average price of C$42.67. Manulife Financial has a 12-month low of C$34.92 and a 12-month high of C$46.42.

Insider Activity at Manulife Financial

In related news, Director Anthony Alex Silva acquired 2,200 shares of Manulife Financial stock in a transaction on Friday, May 30th. The shares were acquired at an average cost of C$43.77 per share, with a total value of C$96,301.92. Also, Director Ka Ming (Kenneth) Dai sold 1,073 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of C$42.96, for a total transaction of C$46,091.79. Insiders have sold 3,441 shares of company stock worth $151,432 over the last three months. 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.