Manulife Financial Co. (NYSE:MFC) to Post Q2 2024 Earnings of $0.63 Per Share, National Bank Financial Forecasts

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Investment analysts at National Bank Financial decreased their Q2 2024 earnings estimates for shares of Manulife Financial in a research note issued to investors on Tuesday, July 30th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will post earnings per share of $0.63 for the quarter, down from their previous forecast of $0.64. National Bank Financial currently has a “Outperform” rating on the stock. The consensus estimate for Manulife Financial’s current full-year earnings is $2.72 per share. National Bank Financial also issued estimates for Manulife Financial’s Q3 2024 earnings at $0.66 EPS, Q4 2024 earnings at $0.66 EPS, FY2024 earnings at $2.64 EPS and FY2025 earnings at $2.93 EPS.

Separately, TD Securities lifted their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $35.00.

Manulife Financial Trading Down 3.6 %

Manulife Financial stock opened at $24.74 on Friday. Manulife Financial has a 1-year low of $17.07 and a 1-year high of $27.51. The firm has a market capitalization of $44.15 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 0.94 and a beta of 1.09. The firm has a 50 day simple moving average of $26.14 and a 200 day simple moving average of $24.64.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The company had revenue of $9.49 billion during the quarter, compared to analyst estimates of $8.85 billion.

Manulife Financial Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s payout ratio is 67.44%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MFC. Grove Bank & Trust bought a new stake in shares of Manulife Financial during the 2nd quarter worth $25,000. Fortis Group Advisors LLC lifted its holdings in shares of Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 605 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the period. Accordant Advisory Group Inc purchased a new position in Manulife Financial in the 1st quarter worth $30,000. Finally, Creekmur Asset Management LLC purchased a new position in Manulife Financial in the 4th quarter worth $30,000. 52.56% of the stock is owned by institutional investors.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.