Manulife Financial (TSE:MFC) Price Target Raised to C$48.00

Key Points

• Manulife Financial had its price target raised by Barclays from C$47.00 to C$48.00, suggesting a potential upside of approximately 6.67% from its current price.
• National Bankshares and Royal Bank of Canada have also adjusted their target prices for the stock down to C$47.00 and C$49.00 respectively, maintaining an "outperform" rating.
• Insider Paul Lorentz sold 178,425 shares of the company for C$7,476,007.50, resulting in a significant decrease in his ownership of the stock.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price target raised by equities research analysts at Barclays from C$47.00 to C$48.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Barclays's price objective suggests a potential upside of 6.67% from the company's current price.

Several other equities analysts have also recently weighed in on MFC. National Bankshares decreased their target price on shares of 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. Royal Bank Of Canada decreased their price objective on shares of Manulife Financial from C$51.00 to C$49.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Manulife Financial presently has a consensus rating of "Moderate Buy" and an average price target of C$48.50.

Manulife Financial Stock Up 0.4%

Shares of TSE:MFC traded up C$0.17 during midday trading on Wednesday, hitting C$45.00. The stock had a trading volume of 1,080,757 shares, compared to its average volume of 7,341,249. Manulife Financial has a 12 month low of C$36.93 and a 12 month high of C$46.42. The business's 50-day simple moving average is C$42.72 and its 200-day simple moving average is C$42.65. The company has a market cap of C$76.25 billion, a P/E ratio of 14.52, a PEG ratio of 1.01 and a beta of 0.93.

Insider Buying and Selling at Manulife Financial

In other news, insider Paul Lorentz sold 178,425 shares of Manulife Financial stock in a transaction on Thursday, August 14th. The stock was sold at an average price of C$41.90, for a total transaction of C$7,476,007.50. Following the completion of the sale, the insider owned 79,930 shares of the company's stock, valued at approximately C$3,349,067. This trade represents a 69.06% decrease in their ownership of the stock. Insiders sold a total of 179,582 shares of company stock worth $7,516,321 over the last three months. 0.03% of the stock is currently owned by company insiders.

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.

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