Manulife Financial (TSE:MFC) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$44.67 and traded as high as C$50.45. Manulife Financial shares last traded at C$50.23, with a volume of 6,127,986 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Royal Bank Of Canada lifted their target price on Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, November 14th. Barclays lifted their price objective on 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. National Bankshares increased their target price on Manulife Financial from C$47.00 to C$52.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. TD Securities raised their price target on shares of Manulife Financial from C$54.00 to C$57.00 in a research report on Thursday, November 13th. Finally, CIBC upped their price target on shares of Manulife Financial from C$49.00 to C$50.00 in a report on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial has an average rating of “Moderate Buy” and a consensus target price of C$51.25.

Manulife Financial Stock Performance

The company has a market cap of C$84.45 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.01 and a beta of 0.94. The business has a fifty day simple moving average of C$48.05 and a 200 day simple moving average of C$44.67.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, November 12th. The financial services provider reported C$1.16 earnings per share for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%.The business had revenue of C$26.23 billion during the quarter. Equities research analysts expect that Manulife Financial Co. will post 3.6104452 EPS for the current year.

Insiders Place Their Bets

In other news, insider Shamus Edward Weiland sold 88,500 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$48.95, for a total value of C$4,332,075.00. Following the transaction, the insider directly owned 53,495 shares in the company, valued at approximately C$2,618,580.25. This trade represents a 62.33% decrease in their position. Also, insider Rahim Hirji sold 25,048 shares of Manulife Financial stock in a transaction dated Friday, November 21st. The shares were sold at an average price of C$48.25, for a total transaction of C$1,208,566.00. Following the completion of the transaction, the insider directly owned 31,315 shares of the company’s stock, valued at C$1,510,948.75. This trade represents a 44.44% decrease in their ownership of the stock. 0.03% of the stock is currently owned by corporate insiders.

About Manulife Financial

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.