Royal Bank Of Canada Reiterates C$52.00 Price Target for Manulife Financial (TSE:MFC)

Royal Bank Of Canada set a C$52.00 price target on Manulife Financial (TSE:MFC) (NYSE:MFC) in a research note issued to investors on Monday morning,BayStreet.CA reports. The firm currently has an outperform rating on the financial services provider’s stock.

Several other research firms have also issued reports on MFC. Desjardins set a C$55.00 price objective on shares of Manulife Financial and gave the company a “buy” rating in a research note on Thursday, December 18th. TD Securities raised their target price on Manulife Financial from C$57.00 to C$60.00 in a report on Wednesday, January 14th. UBS Group upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, October 16th. CIBC raised Manulife Financial from a “neutral” rating to an “outperform” rating and increased their price objective for the company from C$50.00 to C$58.00 in a report on Thursday, January 8th. Finally, Barclays boosted their target price on Manulife Financial from C$49.00 to C$52.00 in a report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and a consensus target price of C$53.13.

Manulife Financial Price Performance

Shares of MFC stock opened at C$51.23 on Monday. The firm has a market cap of C$85.92 billion, a P/E ratio of 16.42, a PEG ratio of 1.01 and a beta of 1.01. Manulife Financial has a fifty-two week low of C$36.93 and a fifty-two week high of C$52.42. The stock’s 50-day moving average is C$49.77 and its two-hundred day moving average is C$45.64.

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

Insider Buying and Selling

In other Manulife Financial news, insider Rahim Hirji sold 25,048 shares of Manulife Financial stock in a transaction that occurred 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 directly owned 31,315 shares of the company’s stock, valued at C$1,510,948.75. The trade was a 44.44% decrease in their position. Also, 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 value of C$4,332,075.00. Following the transaction, the insider owned 53,495 shares of the company’s stock, valued at approximately C$2,618,580.25. This trade represents a 62.33% decrease in their ownership of the stock. 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.