Six brokerages grant consensus purchase rating to financial services firm despite director selling shares
A major Canadian life insurance company has received a positive ‘thumbs up’ from some leading market analysts.
Manulife Financial Corporation picked up a consensus “buy” rating from six brokerages with five research analysts also granting the company the same label. Its target price, as set by the brokerages that have updated their coverage of the stock during the last year, is now at $24.60. This positive outlook comes despite the fact that company director John G Vrysen chose to sell 9,300 shares during December last year – they were sold at an average price of $21.05, bringing the total transaction to $195,718.50.
The company, which boasts a number of wealth management products and services as well as financial protection, has, in recent months, been the subject of several reviews from a host of research analysts.
For example, TD Securities gave the Manulife stock a “buy” rating back in November, while also reducing its price target from $26 to $25. CIBC also dropped its price target by the same amount in October.
However, RBC Capital decided to lift its target from $26 to $28 on Manulife shares as of November – while at the same time giving the stock a rating of “outperform”. Meanwhile, Canaccord Genuity reduced its price target from $25 to $22 while setting a “buy” rating for Manulife shares on January 25.
Over the last year, Manulife has a 52week high at $24.20.
Manulife Financial Corporation picked up a consensus “buy” rating from six brokerages with five research analysts also granting the company the same label. Its target price, as set by the brokerages that have updated their coverage of the stock during the last year, is now at $24.60. This positive outlook comes despite the fact that company director John G Vrysen chose to sell 9,300 shares during December last year – they were sold at an average price of $21.05, bringing the total transaction to $195,718.50.
The company, which boasts a number of wealth management products and services as well as financial protection, has, in recent months, been the subject of several reviews from a host of research analysts.
For example, TD Securities gave the Manulife stock a “buy” rating back in November, while also reducing its price target from $26 to $25. CIBC also dropped its price target by the same amount in October.
However, RBC Capital decided to lift its target from $26 to $28 on Manulife shares as of November – while at the same time giving the stock a rating of “outperform”. Meanwhile, Canaccord Genuity reduced its price target from $25 to $22 while setting a “buy” rating for Manulife shares on January 25.
Over the last year, Manulife has a 52week high at $24.20.
