Manulife Financial (TSE:MFC) Price Target Cut to C$59.00 by Analysts at TD Securities

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target decreased by TD Securities from C$60.00 to C$59.00 in a research report report published on Thursday,BayStreet.CA reports. TD Securities currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also recently weighed in on MFC. Jefferies Financial Group lifted their price target on Manulife Financial from C$54.00 to C$58.00 in a report on Monday, February 2nd. UBS Group upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, October 16th. Scotiabank lifted their target price on Manulife Financial from C$53.00 to C$55.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Royal Bank Of Canada set a C$52.00 price target on Manulife Financial and gave the stock an “outperform” rating in a research report on Monday, January 19th. Finally, National Bank Financial raised their price target on Manulife Financial from C$47.00 to C$52.00 and gave the company an “outperform” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$55.13.

Manulife Financial Stock Performance

Manulife Financial stock opened at C$48.70 on Thursday. Manulife Financial has a one year low of C$36.93 and a one year high of C$52.97. The company has a 50-day simple moving average of C$50.61 and a 200-day simple moving average of C$46.64. The firm has a market capitalization of C$81.66 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.01 and a beta of 0.99.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported C$1.12 earnings per share for the quarter. Manulife Financial had a net margin of 12.52% and a return on equity of 11.75%. The firm had revenue of C$22.03 billion for the quarter. As a group, sell-side analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current year.

Insider Activity at Manulife Financial

In other Manulife Financial news, insider Rahim Hirji sold 25,048 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of C$48.25, for a total value of C$1,208,566.00. Following the transaction, the insider owned 31,315 shares of the company’s stock, valued at approximately C$1,510,948.75. This represents a 44.44% decrease in their ownership of the stock. Also, insider Shamus Edward Weiland sold 88,500 shares of the stock in a transaction on 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 sale, the insider owned 53,495 shares of the company’s stock, valued at C$2,618,580.25. This trade represents a 62.33% decrease in their position. Insiders own 0.03% of the company’s stock.

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.