In a report released today, Scott Chan CFA from Canaccord Genuity maintained a Buy rating on Manulife Financial (MFC), with a price target of C$23.00. The company’s shares closed last Friday at $13.98.
According to TipRanks.com, CFA is a 3-star analyst with an average return of 0.9% and a 48.4% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Manulife Financial with a $16.38 average price target, representing a 16.3% upside. In a report issued on July 20, RBC Capital also maintained a Buy rating on the stock with a C$24.00 price target.
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The company has a one-year high of $21.23 and a one-year low of $8.62. Currently, Manulife Financial has an average volume of 3.39M.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MFC in relation to earlier this year.
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Manulife Financial Corp. is a financial services company, which engages in the provision of financial protection and wealth management products and services. It operates through the following business segments: Asia, Canada, U.S., Global Wealth & Asset Management and Corporate & Other. The Asia segment provides insurance products and insurance-based wealth accumulation products in Asia. The Canada segment provides insurance products, insurance-based wealth accumulation products and banking services in Canada. The U.S. segment provides life insurance products, insurance-based wealth accumulation products, digital advice solutions and administering in-force long-term care insurance and annuity businesses in the U.S. The Global Wealth & Asset Management segment provides fee-based wealth solutions to retail, retirement and institutional customers. The Corporate & Other segment comprises of investment performance on assets backing capital, net of amounts allocated to operating segments, financing costs, costs incurred by the corporate office related to shareholder activities, Property & Casualty Reinsurance business and run-off reinsurance business lines. The company was founded on April 26, 1999 and is headquartered in Toronto, Canada.
