Checking in on Manulife Financial Corporation (MFC) after recent insiders movement

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Taking this into account, Credit Suisse initiated its Manulife Financial Corporation [MFC] rating to a Neutral in a research note published on Tuesday. A number of analysts have revised their coverage, including Scotiabank’s analysts, who increased its forecast for the stock in late July from “a Sector perform” to “a Sector outperform”. Canaccord Genuity also remained covering MFC and has decreased its forecast on May 13, 2022 with a “Hold” recommendation from previously “Buy” rating. BMO Capital Markets revised its rating on May 12, 2022. It rated MFC as “a Market perform” which previously was an “an Outperform”.

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Price Performance Review of MFC

On Tuesday, Manulife Financial Corporation [NYSE:MFC] saw its stock jump 0.63% to $19.24. On the same session, the stock had its day’s lowest price of $18.99, but rose to a high of $19.30. Over the last five days, the stock has gained 1.16%. Manulife Financial Corporation shares have risen nearly 7.85% since the year began. Nevertheless, the stocks have fallen -4.09% over the past one year. While a 52-week high of $22.19 was reached on 01/24/23, a 52-week low of $14.92 was recorded on 01/03/23. SMA at 50 days reached $18.00, while 200 days put it at $17.81. A total of 2.06 million shares were traded, compared to the trading of 2.52 million shares in the previous session.

Levels Of Support And Resistance For MFC Stock

The 24-hour chart illustrates a support level at 19.05, which if violated will result in even more drops to 18.87. On the upside, there is a resistance level at 19.36. A further resistance level may holdings at 19.49. The Relative Strength Index (RSI) on the 14-day chart is 68.05, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 4.14%. Stochastics %K at 96.29% indicates the stock is a selling.

How much short interest is there in Manulife Financial Corporation?

A steep rise in short interest was recorded in Manulife Financial Corporation stocks on Oct 13, 2022, dropping by -14.8 million shares to a total of 20.74 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 35.54 million shares. There was a decline of -71.36%, which implies that there is a negative sentiment for the stock.

Manulife Financial Corporation [MFC] – Who Are The Largest Shareholders?

In filings from RBC Global Asset Management, Inc., it is revealed that the company now owns 123,672,676 shares, or roughly 6.57% of the outstanding MFC shares. In other words, the investor’s shares have risen by 2,632,658 from its previous 13-F filing of 121040018.0. Additionally, 1832 Asset Management LP decreased -12.17% of its stake after which the total value it holdings stand at $880,191,918, while The Vanguard Group, Inc. added 1.05% of its stake to hold $812.24 million in the firm. Over the last quarter, RBC Dominion Securities, Inc. purchased 4,538,322 shares of Manulife Financial Corporation, while TD Asset Management, Inc. bought -437,428 shares. At present, BMO Asset Management, Inc. is holding 37,439,621 shares valued at $667.92 million. BMO Asset Management Corp. owned 35,807,936 shares of the company at the time of its most recent 13F filing, worth $638.81 million.

According to FactSet, Manulife Financial Corporation’s share price will average $19.80 in the next year, based on opinions of analysts polled by the firm. This is up nearly 1.94 percent from its previous closing price of $19.12. Analysts expect Manulife Financial Corporation stock to reach the higher price of $23.20, while the lowest price estimate is $17.24. However, 16 analysts have rated MFC stock as a Hold in their predictions for 2023.

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