Manulife Financial (TSE:MFC) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Manulife Financial shares moved above their 200-day moving average, trading as high as C$58.70 and last changing hands at C$58.49, signaling improved technical momentum for the stock.
• Analyst sentiment remains positive, with a consensus rating of “Buy” and a consensus target price of C$57.00, even after TD slightly cut its target to C$58.00.
• Recent insider selling was notable, including transactions by director Eileen Cloherty and insider Rahul Madhav Joshi, with insiders selling 136,834 shares over the past 90 days.

Shares of Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$51.86 and traded as high as C$58.70. Manulife Financial shares last traded at C$58.49, with a volume of 2,780,790 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MFC shares. TD dropped their price target on shares of Manulife Financial from C$59.00 to C$58.00 and set a "buy" rating on the stock in a research report on Thursday, May 14th. National Bank Financial lifted their price objective on shares of Manulife Financial from C$56.00 to C$59.00 and gave the stock an "outperform" rating in a research note on Thursday, May 14th. Finally, Desjardins set a C$58.00 target price on shares of Manulife Financial and gave the company a "buy" rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Manulife Financial presently has a consensus rating of "Buy" and a consensus target price of C$57.00.

Manulife Financial Stock Down 0.1%

The business has a 50-day moving average price of C$55.35 and a 200-day moving average price of C$51.86. The company has a market capitalization of C$97.20 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last announced its earnings results on Wednesday, May 13th. The financial services provider reported C$1.06 EPS for the quarter. The business had revenue of C$2.15 billion during the quarter. Manulife Financial had a return on equity of 12.60% and a net margin of 11.97%. As a group, sell-side analysts predict that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Insider Activity

In other Manulife Financial news, Director Eileen Cloherty sold 6,500 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$53.45, for a total transaction of C$347,425.00. Following the completion of the sale, the director directly owned 3,412 shares of the company's stock, valued at approximately C$182,371.40. This represents a 65.58% decrease in their ownership of the stock. Also, insider Rahul Madhav Joshi sold 25,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of C$54.29, for a total transaction of C$1,357,250.00. Following the completion of the transaction, the insider owned 77,185 shares of the company's stock, valued at approximately C$4,190,373.65. The trade was a 24.47% decrease in their ownership of the stock. Insiders sold a total of 136,834 shares of company stock valued at $7,311,659 over the last ninety days. Corporate insiders own 0.03% of the company's stock.

About Manulife Financial

Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities.

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