CIBC Has Lowered Expectations for Manulife Financial (TSE:MFC) Stock Price

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective cut by stock analysts at CIBC from C$48.00 to C$46.00 in a research note issued on Thursday,BayStreet.CA reports. The firm currently has a “neutral” rating on the financial services provider’s stock. CIBC’s price target would indicate a potential upside of 5.58% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. TD Securities increased their target price on shares of Manulife Financial from C$48.00 to C$49.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Royal Bank of Canada set a C$51.00 price objective on Manulife Financial and gave the stock an “outperform” rating in a report on Tuesday, April 15th. Scotiabank dropped 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. Barclays decreased their price target on Manulife Financial from C$49.00 to C$45.00 in a research note on Friday, April 11th. Finally, Jefferies Financial Group cut their target price on shares of Manulife Financial from C$51.00 to C$46.00 in a report on Monday, April 21st. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$46.00.

Manulife Financial Price Performance

Shares of MFC opened at C$43.57 on Thursday. Manulife Financial has a 1 year low of C$32.55 and a 1 year high of C$46.42. The stock has a 50 day simple moving average of C$42.14 and a two-hundred day simple moving average of C$43.12. The firm has a market cap of C$76.42 billion, a P/E ratio of 13.56, a P/E/G ratio of 1.01 and a beta of 1.06.

Insider Buying and Selling

In other news, Director Kenneth Michael Ross sold 3,219 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of C$44.91, for a total value of C$144,572.68. Also, Director Brooks Tingle sold 3,866 shares of Manulife Financial stock in a transaction dated Monday, February 24th. The shares were sold at an average price of C$43.43, for a total transaction of C$167,882.21. Insiders sold a total of 18,683 shares of company stock valued at $816,102 over the last three months. 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.