Royal Bank Of Canada Increases Manulife Financial (TSE:MFC) Price Target to C$55.00

Manulife Financial (TSE:MFC) (NYSE:MFC) had its price target boosted by Royal Bank Of Canada from C$52.00 to C$55.00 in a research report issued on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 10.33% from the stock’s previous close.

MFC has been the topic of several other reports. Jefferies Financial Group lifted their target price on shares of Manulife Financial from C$54.00 to C$58.00 in a research report on Monday, February 2nd. Desjardins set a C$55.00 price target on shares of Manulife Financial and gave the stock a “buy” rating in a research note on Thursday, December 18th. TD Securities lowered their price objective on Manulife Financial from C$60.00 to C$59.00 and set a “buy” rating on the stock in a research note on Thursday. National Bank Financial raised their target price on Manulife Financial from C$47.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Finally, Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “hold” rating to an “outperform” rating and increased their price objective for the stock from C$50.00 to C$58.00 in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$55.63.

Manulife Financial Stock Performance

Shares of TSE:MFC traded up C$1.15 during trading on Friday, hitting C$49.85. 2,021,024 shares of the stock were exchanged, compared to its average volume of 5,620,059. The company has a market capitalization of C$83.59 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth 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 company’s fifty day simple moving average is C$50.61 and its 200-day simple moving average is C$46.64.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its earnings results 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 firm had revenue of C$22.03 billion during the quarter. On average, research analysts forecast that Manulife Financial will post 3.6104452 earnings per share for the current fiscal year.

Insiders Place Their Bets

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