Manulife Financial (TSE:MFC) Posts Earnings Results

by · The Markets Daily

Manulife Financial (TSE:MFC – Get Free Report) (NYSE:MFC) announced its quarterly earnings results on Wednesday. The financial services provider reported C$0.82 earnings per share for the quarter, FiscalAI reports. Manulife Financial had a net margin of 12.52% and a return on equity of 11.75%. The firm had revenue of C$16.03 billion during the quarter.

Manulife Financial Trading Down 0.9%

TSE MFC traded down C$0.45 on Wednesday, reaching C$51.40. The stock had a trading volume of 4,947,589 shares, compared to its average volume of 5,567,102. The company has a market capitalization of C$86.21 billion, a price-to-earnings ratio of 16.47, 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 business has a 50 day moving average price of C$50.57 and a 200 day moving average price of C$46.60.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, insider Shamus Edward Weiland sold 88,500 shares of the firm’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 sale, the insider owned 53,495 shares of the company’s stock, valued at C$2,618,580.25. This trade represents 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 transaction of C$1,208,566.00. Following the transaction, the insider directly owned 31,315 shares in the company, valued at C$1,510,948.75. This trade represents a 44.44% decrease in their position. Company insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

MFC has been the subject of a number of recent research reports. TD Securities lifted their target price on shares of Manulife Financial from C$57.00 to C$60.00 in a research note on Wednesday, January 14th. National Bank Financial increased their price objective on shares of 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. Barclays raised their target price on Manulife Financial from C$49.00 to C$52.00 in a report on Friday, January 9th. Scotiabank lifted their price target on shares of Manulife Financial from C$53.00 to C$55.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Finally, Royal Bank Of Canada set a C$52.00 target price on Manulife Financial and gave the company an “outperform” rating in a research note on Monday, January 19th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Manulife Financial has a consensus rating of “Buy” and an average target price of C$55.25.

Check Out Our Latest Research Report on MFC

About Manulife Financial

(Get Free Report)

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.

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