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

Key Points

• Desjardins raised its price target for Manulife Financial from C$48.00 to C$52.00, indicating a potential upside of 15.74% from the previous close.
• Despite this positive outlook, MFC stock recently traded down 1.0% to C$44.93, with significant insider selling occurring in recent months.
• Overall, analysts have mixed ratings for Manulife, with six having a "Buy" rating and two a "Hold" rating, leading to a consensus rating of "Moderate Buy."

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC had its price objective hoisted by stock analysts at Desjardins from C$48.00 to C$52.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has a "buy" rating on the financial services provider's stock. Desjardins' target price points to a potential upside of 15.74% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. National Bankshares reduced 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 report on Thursday, August 7th. Barclays boosted their target price on shares of Manulife Financial from C$47.00 to C$48.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 8th. Royal Bank Of Canada dropped their price target on Manulife Financial from C$51.00 to C$49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, TD Securities boosted their price target on Manulife Financial from C$50.00 to C$54.00 in a research note on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$48.89.

Manulife Financial Stock Down 1.0%

Shares of MFC stock traded down C$0.47 on Wednesday, hitting C$44.93. The stock had a trading volume of 1,319,713 shares, compared to its average volume of 7,265,755. The company has a market cap of C$75.92 billion, a PE ratio of 14.49, a P/E/G ratio of 1.01 and a beta of 0.93. The business has a 50 day moving average price of C$42.97 and a 200 day moving average price of C$42.66. Manulife Financial has a one year low of C$36.93 and a one year high of C$46.42.

Insider Buying and Selling

In other Manulife Financial news, insider Paul Lorentz sold 178,425 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 79,930 shares in the company, valued at approximately C$3,349,067. This represents a 69.06% decrease in their position. In the last 90 days, insiders sold 179,582 shares of company stock valued at $7,516,321. Corporate 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.

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