The stock of Manulife Financial Corp. (TSE:MFC) gapped up by $0.85 today and has $31.42 target or 46.00% above today’s $21.52 share price. The 8 months technical chart setup indicates low risk for the $43.79B company. The gap was reported on Nov, 10 by Barchart.com. If the $31.42 price target is reached, the company will be worth $20.14 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 3.77 million shares traded hands. Manulife Financial Corp. (TSE:MFC) has risen 11.36% since April 6, 2016 and is uptrending. It has outperformed by 5.72% the S&P500.
Manulife Financial Corp. (TSE:MFC) Ratings Coverage
Out of 7 analysts covering Manulife Financial Corp. (TSE:MFC), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $25 is the highest target while $19 is the lowest. The $22 average target is 2.23% above today’s ($21.52) stock price. Manulife Financial Corp. has been the topic of 9 analyst reports since October 28, 2015 according to StockzIntelligence Inc. Dundee Securities maintained Manulife Financial Corp. (TSE:MFC) on Wednesday, September 21 with “Buy” rating.
More important recent Manulife Financial Corp. (TSE:MFC) news were published by: Business.Financialpost.com which released: “Manulife Financial Corp profit soars 79.6% on investment gains” on November 10, 2016, also Reuters.com published article titled: “BRIEF-Manulife Financial Corp reports 3Q16 results”, Fool.ca published: “Why Manulife Financial Corp. Could Outperform in 2017” on November 03, 2016. More interesting news about Manulife Financial Corp. (TSE:MFC) was released by: Fool.ca and their article: “Why Manulife Financial Corp. Should Be Part of Every Portfolio” with publication date: October 27, 2016.
Manulife Financial Corporation is a life insurance company. The company has a market cap of $43.79 billion. The Firm is a holding firm of The Manufacturers Life Insurance Company (MLI), a Canadian life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), a Bermuda reinsurance company. It has a 17.06 P/E ratio. The Company’s divisions, including Asia Division, Canadian Division, U.S.
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