Manulife Financial (TSE:MFC) Price Target Raised to C$52.00

Key Points

• The price target for Manulife Financial has been raised from C$47.00 to C$52.00 by National Bankshares, suggesting a potential upside of 16.57% from the company's previous close.
• Multiple analysts have issued ratings on Manulife; one gave a Strong Buy, five rated it as a Buy, and two assigned a Hold rating, indicating strong overall confidence in the stock.
• Insider Paul Lorentz significantly reduced his stake by selling over 178,000 shares valued at approximately C$7.48 million, reflecting a 69.06% decrease in his holdings.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective raised by equities researchers at National Bankshares from C$47.00 to C$52.00 in a research note issued to investors on Monday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. National Bankshares' price objective would indicate a potential upside of 16.57% from the company's previous close.

A number of other analysts have also recently weighed in on MFC. UBS Group raised Manulife Financial to a "strong-buy" rating in a research report on Thursday. Royal Bank Of Canada lowered their price objective on Manulife Financial from C$51.00 to C$49.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. TD Securities raised their price objective on Manulife Financial from C$50.00 to C$54.00 in a research report on Wednesday, October 8th. Barclays raised their price objective on Manulife Financial from C$47.00 to C$48.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 8th. Finally, Desjardins raised their price objective on Manulife Financial from C$48.00 to C$52.00 and gave the stock a "buy" rating in a research report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Manulife Financial has a consensus rating of "Moderate Buy" and an average target price of C$49.44.

Manulife Financial Price Performance

TSE MFC traded up C$0.27 during midday trading on Monday, hitting C$44.61. 832,659 shares of the company traded hands, compared to its average volume of 7,214,263. The company has a market cap of C$75.38 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.01 and a beta of 0.93. The company's 50-day simple moving average is C$43.14 and its 200-day simple moving average is C$42.64. Manulife Financial has a 52 week low of C$36.93 and a 52 week high of C$46.42.

Insider Buying and Selling at Manulife Financial

In related news, insider Paul Lorentz sold 178,425 shares of Manulife Financial stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of C$41.90, for a total value of C$7,476,007.50. Following the completion of the transaction, the insider owned 79,930 shares in the company, valued at C$3,349,067. The trade was a 69.06% decrease in their position. In the last ninety days, insiders sold 179,582 shares of company stock valued at $7,516,321. 0.03% of the stock is owned by 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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