Opinions Ryan Bushell
Manulife FinancialMFC.TOHOLDDec 12, 2025
Ryan BushellStock price when the opinion was issued
As of Jul 22, 2026. Market Open.
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Both fairly highly ranked, and moving up, in the Canadian equity universe. The banks have been dominating the top of the rankings, and the insurers have been catching up. TD is slightly higher ranked, with a bit better performance.
When two stocks are looking good and under accumulation, and you can't decide, you can always split your position between the two of them.
A bit overbought. Chart looks healthy, with higher highs and higher lows. 200-day MA continues to move higher. Financials in Canada are, in general, getting a little overvalued. Be cautious, be selective.
Trading over 2x book value now. Not a lot of earnings growth, about 8-9% (still decent, but not explosive).
Decent-sized miss on alternative portfolio results, so short-term penalty box. Longer term, nothing has changed. Reiterated 18% ROE target for 2027. Still a good story. Wait for weakness to add.
Greg NewmanIn the doldrums following the financial crisis. Recently, taken the lead. The opportunity in this name has, perhaps, been fully realized.
He needs either a macro or company-specific hiccup to happen before putting new $$ to work in the market. At that time, you may want to take profits on this and deploy elsewhere. Watch out for headline contagion risk from private credit issues.
Ryan Bushell
Viewed as less dependable as SLF and less exciting at Great West Life. MFC is well-capitalized with a decent PE though lifecos aren't great growers. Is reliable.
Martin Cobb, ASIP
All the financials have come off slightly, especially in the insurance space.
MFC has come down right to its 200-day MA, so you could argue it's got a bit more upside. High-quality name. Beta is double that of GWO, but no greater than the TSX itself. Scale is better than GWO. This one looks more attractive. He wouldn't switch, total return won't be that different. Yield is 4.3%.
GWO has a lower beta, so it hasn't moved as much as MFC. Good quality assets, very steady earnings growth. Yield is 4.3%.
He might own this, not sure. Recently, he predicted it would pull back to $45 which it appears to be doing. If you're a long-term holder for the 4.1% dividend, you're not in danger unless this falls below $45. If it bounces at $45, he would add more. But if you sold some shares now, that's a good idea.
Sometimes things happen in mysterious ways. Remember that the last price is set by the last buyer; the price you see on the screen is the price where 2 people most recently transacted. That doesn't tell you much about the future of the company or anything else.
Firstly, people have long memories. MFC hurt people so badly in the past, there are some people who just won't come back. His firm tries to be patient, seeing the future of companies when other investors are mad or unwilling. Also, stock has to digest its big move (most of which was last year). He's owned since $20, and is happy with where it is. Finally, most of the money in financials is flowing to banks.
Has performed extremely well. Doesn't disagree with the caller that stock could be $60. But something has to change to capture the attention of investors; for example, if PCLs for banks move up next year, $$ might rotate out and over to insurance.