Manulife Financial (TSE:MFC) Insider Sells C$1,357,250.00 in Stock

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) insider Rahul Madhav Joshi sold 25,000 shares of Manulife Financial stock in a transaction on Monday, June 8th. The stock was sold at an average price of C$54.29, for a total transaction of C$1,357,250.00. Following the sale, the insider directly owned 77,185 shares of the company’s stock, valued at C$4,190,373.65. This represents a 24.47% decrease in their ownership of the stock.

Rahul Madhav Joshi also recently made the following trade(s):

• On Tuesday, June 2nd, Rahul Madhav Joshi sold 35,000 shares of Manulife Financial stock. The stock was sold at an average price of C$53.23, for a total transaction of C$1,863,050.00.
• On Friday, May 22nd, Rahul Madhav Joshi sold 50,000 shares of Manulife Financial stock. The stock was sold at an average price of C$53.76, for a total transaction of C$2,688,000.00.

Manulife Financial Stock Up 0.5%

Shares of TSE MFC traded up C$0.25 during mid-day trading on Monday, reaching C$54.25. 7,303,977 shares of the company were exchanged, compared to its average volume of 6,522,975. Manulife Financial Co. has a 52 week low of C$41.08 and a 52 week high of C$55.34. The stock has a market capitalization of C$90.54 billion, a PE ratio of 15.63, a PEG ratio of 1.01 and a beta of 0.73. The company’s 50 day moving average price is C$52.17 and its 200 day moving average price is C$50.41.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, May 13th. The financial services provider reported C$1.06 earnings per share (EPS) for the quarter. The company had revenue of C$2.15 billion during the quarter. Manulife Financial had a net margin of 11.97% and a return on equity of 12.65%. On average, sell-side analysts predict that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on MFC. TD Securities reduced their price target on shares of Manulife Financial from C$60.00 to C$59.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Desjardins set a C$58.00 price target on shares of Manulife Financial and gave the company a “buy” rating in a research report on Friday, April 17th. TD reduced their price target on shares of Manulife Financial from C$59.00 to C$58.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Scotiabank increased their price target on shares of Manulife Financial from C$55.00 to C$56.00 and gave the company an “outperform” rating in a research report on Friday, February 13th. Finally, National Bank Financial increased their price target on shares of Manulife Financial from C$56.00 to C$59.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$57.00.

About Manulife Financial

Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities.