National Bankshares Issues Pessimistic Forecast for Manulife Financial (TSE:MFC) Stock Price

Key Points

• National Bankshares has revised its price target for Manulife Financial from C$48.00 to C$47.00, maintaining an "outperform" rating, which indicates a potential upside of 13.53% from the previous close.
• Insiders, including two directors, have recently sold a significant number of shares of Manulife, indicating a 92.78% decrease in one director's stock position.
• Currently, Manulife Financial has an average rating of "Moderate Buy" with a target price averaging C$48.00, despite multiple analysts reducing their price objectives recently.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price target cut by investment analysts at National Bankshares from C$48.00 to C$47.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. National Bankshares' target price indicates a potential upside of 14.11% from the stock's previous close.

Several other research analysts have also recently weighed in on the company. Jefferies Financial Group decreased their target price on Manulife Financial from C$51.00 to C$46.00 in a research note on Monday, April 21st. Royal Bank Of Canada set a C$51.00 target price on Manulife Financial and gave the company an "outperform" rating in a research note on Tuesday, April 15th. CIBC decreased their target price on 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. Scotiabank reduced their target price on Manulife Financial from C$53.00 to C$50.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Finally, Barclays reduced their target price on Manulife Financial from C$49.00 to C$45.00 in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Manulife Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of C$47.75.

Manulife Financial Stock Performance

Shares of TSE:MFC traded down C$0.22 on Thursday, hitting C$41.19. The company's stock had a trading volume of 5,256,385 shares, compared to its average volume of 7,600,970. The stock's 50-day moving average is C$42.65 and its two-hundred day moving average is C$42.68. Manulife Financial has a 12 month low of C$34.28 and a 12 month high of C$46.42. The company has a market capitalization of C$72.25 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06.

Insider Buying and Selling at Manulife Financial

In other news, Director Philip James Witherington sold 10,866 shares of the 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$480,488.00. Also, Senior Officer Trevor Kreel sold 3,636 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of C$44.22, for a total value of C$160,781.74. Insiders have sold a total of 49,570 shares of company stock worth $2,191,790 in the last 90 days. Company 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.