Scotiabank Lowers Manulife Financial (TSE:MFC) Price Target to C$50.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective decreased by Scotiabank from C$53.00 to C$50.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Scotiabank’s target price suggests a potential upside of 14.76% from the stock’s previous close.

Several other equities analysts also recently weighed in on MFC. Jefferies Financial Group dropped their price objective on Manulife Financial from C$51.00 to C$46.00 in a research note on Monday, April 21st. CIBC lifted their price objective on Manulife Financial from C$47.00 to C$48.00 in a research report on Friday, February 21st. Barclays decreased their price target on shares of Manulife Financial from C$49.00 to C$45.00 in a report on Friday, April 11th. Royal Bank of Canada set a C$51.00 target price on shares of Manulife Financial and gave the stock an “outperform” rating in a research report on Tuesday, April 15th. Finally, TD Securities lifted their price objective on shares of Manulife Financial from C$48.00 to C$49.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and an average price target of C$46.00.

Manulife Financial Price Performance

Manulife Financial stock opened at C$43.57 on Thursday. The company has a market cap of C$76.42 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06. Manulife Financial has a 1-year low of C$32.55 and a 1-year high of C$46.42. The stock’s 50 day moving average price is C$42.14 and its 200 day moving average price is C$43.12.

Insiders Place Their Bets

In other news, Director Kenneth Michael Ross sold 3,219 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of C$44.91, for a total transaction of C$144,572.68. Also, Director Brooks Tingle sold 3,866 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of C$43.43, for a total value of C$167,882.21. In the last 90 days, insiders sold 18,683 shares of company stock worth $816,102. 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.