Taking a look at what insiders are doing to gauge the Manulife Financial Corporation (MFC)’s direction


As published in their initiating research note from Credit Suisse on January 12, 2023, Manulife Financial Corporation [MFC] has been a Neutral. Analysts at Scotiabank upgraded the stock from ‘”a Sector perform”‘ to ‘”a Sector outperform”‘ outlook in a report released in late July. As of May 13, 2022, Canaccord Genuity has decreased its “Buy” rating to a “Hold” for MFC. Earlier on May 12, 2022, BMO Capital Markets downgraded its rating. Their new recommendation was “a Market perform” for MFC stock which previously was a “an Outperform”.

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Analyzing MFC Stock Performance

On Thursday, Manulife Financial Corporation [NYSE: MFC] plunged -0.39% to $18.01. The stock’s lowest price that day was $17.66, but it reached a high of $18.195 in the same session. During the last five days, there has been a drop of approximately -5.81%. Over the course of the year, Manulife Financial Corporation shares have jumped approximately 0.95%. Shares of the company reached a 52-week high of $20.40 on 02/16/23 and a 52-week low of $17.66 on 03/16/23. A 50-day SMA is recorded $19.29, while a 200-day SMA reached $17.84. Nevertheless, trading volume fell to 8.92 million shares from 3.79 million shares the previous day.

Support And Resistance Levels for Manulife Financial Corporation (MFC)

According to the 24-hour chart, there is a support level at 17.72, which, if violated, would cause prices to drop to 17.42. In the upper region, resistance lies at 18.25. The next price resistance is at 18.49. RSI (Relative Strength Index) is 31.33 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.99, which suggests the price will decrease in the coming days. Percent R is at 86.49%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Manulife Financial Corporation subject to short interest?

Stocks of Manulife Financial Corporation saw a sharp rise in short interest on Jan 30, 2023 jumping by 18.09 million shares to 28.7 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 10.61 million shares. A jump of 63.03% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 10.15 of the overall float, the days-to-cover ratio (short ratio) jumped to 10.15.

Which companies own the most shares of Manulife Financial Corporation (MFC)?

According to RBC Global Asset Management, Inc. filings, the company currently owns 122,797,018 shares, which is about 6.61% of the total MFC shares outstanding. The investor’s shares have plunged by -875,658 from its previous 13-F filing of 123672676.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $909,725,522. 1832 Asset Management LP reduced a -7.20% interest valued at $904.75 million while RBC Dominion Securities, Inc. sold a -3,582,716 stake. A total of 224,895 shares of Manulife Financial Corporation were sold by TD Asset Management, Inc. during the quarter, and 1,083,525 were bought by BMO Asset Management Corp. In its current portfolio, Mackenzie Financial Corp. holds 32,564,850 shares valued at $643.48 million.

In terms of Manulife Financial Corporation share price expectations, FactSet research, analysts set an average price target of $21.41 in the next 12 months, up nearly 15.1% from the previous closing price of $18.08. Analysts anticipate Manulife Financial Corporation stock to reach $25.28 by 2023, with the lowest price target being $18.52. On February 03, 2022, Barclays assigned a price target of “an Overweight” to the stock and resumed coverage with a $36.


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