Insider Selling: Manulife Financial (TSE:MFC) Insider Sells 88,500 Shares of Stock

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) insider Shamus Edward Weiland sold 88,500 shares of the company’s 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 completion of the sale, 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 position.

Manulife Financial Trading Up 0.1%

TSE:MFC traded up C$0.05 during mid-day trading on Friday, reaching C$49.92. 8,654,586 shares of the stock were exchanged, compared to its average volume of 7,143,117. The business has a fifty day moving average price of C$47.40 and a 200 day moving average price of C$44.40. Manulife Financial Co. has a 1-year low of C$36.93 and a 1-year high of C$50.29. The firm has a market capitalization of C$83.93 billion, a PE ratio of 16.00, a PEG ratio of 1.01 and a beta of 0.94.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, November 12th. The financial services provider reported C$1.16 earnings per share for the quarter. Manulife Financial had a net margin of 12.52% and a return on equity of 11.75%. The company had revenue of C$26.23 billion during the quarter. On average, sell-side analysts forecast that Manulife Financial Co. will post 3.6104452 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Desjardins set a C$55.00 price target on shares of Manulife Financial and gave the stock a “buy” rating in a research report on Thursday. National Bankshares lifted their target price on Manulife Financial from C$47.00 to C$52.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Royal Bank Of Canada boosted their target price on Manulife Financial from C$49.00 to C$52.00 in a research report on Friday, November 14th. Barclays increased their price target on Manulife Financial from C$47.00 to C$48.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Finally, CIBC lifted their price target on Manulife Financial from C$49.00 to C$50.00 in a research note on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$51.25.

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.