Manulife Financial (TSE:MFC) Given New C$59.00 Price Target at TD Securities

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price objective decreased by TD Securities from C$60.00 to C$59.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Securities’ price objective indicates a potential upside of 20.78% from the company’s current price.

Several other equities analysts also recently weighed in on the company. 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 report on Thursday, February 5th. 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. Royal Bank Of Canada set a C$52.00 price objective on Manulife Financial and gave the stock an “outperform” rating in a research note on Monday, January 19th. Barclays lifted their target price on Manulife Financial from C$49.00 to C$52.00 in a research note on Friday, January 9th. Finally, Jefferies Financial Group upped their price target on Manulife Financial from C$54.00 to C$58.00 in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and a consensus target price of C$55.13.

Manulife Financial Stock Performance

Shares of MFC traded down C$2.55 during mid-day trading on Thursday, hitting C$48.85. 4,804,492 shares of the company traded hands, compared to its average volume of 5,536,488. The stock has a market cap of C$81.93 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 1.01 and a beta of 0.99. Manulife Financial has a 1 year low of C$36.93 and a 1 year high of C$52.97. The stock has a 50-day moving average price of C$50.62 and a two-hundred day moving average price of C$46.63.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, February 11th. The financial services provider reported C$1.12 EPS for the quarter. Manulife Financial had a return on equity of 11.75% and a net margin of 12.52%.The company had revenue of C$22.03 billion during the quarter. On average, analysts forecast that Manulife Financial will post 3.6104452 EPS for the current year.

Insider Buying and Selling

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