FY2024 EPS Estimates for Manulife Financial Co. (NYSE:MFC) Decreased by Analyst

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Analysts at Cormark dropped their FY2024 earnings per share estimates for Manulife Financial in a report released on Thursday, August 8th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $2.69 for the year, down from their prior estimate of $2.71. The consensus estimate for Manulife Financial’s current full-year earnings is $2.72 per share. Cormark also issued estimates for Manulife Financial’s FY2025 earnings at $2.88 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.64 by $0.27. The company had revenue of $9.41 billion for the quarter, compared to analysts’ expectations of $8.95 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. During the same period last year, the firm earned $0.62 earnings per share.

Other research analysts also recently issued research reports about the company. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday. Finally, 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 analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $35.00.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $25.08 on Friday. The business has a fifty day moving average price of $25.99 and a two-hundred day moving average price of $24.75. The stock has a market capitalization of $44.89 billion, a PE ratio of 14.58, a P/E/G ratio of 0.94 and a beta of 1.09. Manulife Financial has a fifty-two week low of $17.07 and a fifty-two week high of $27.51.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.63%. Manulife Financial’s payout ratio is presently 67.44%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new stake in Manulife Financial during the 4th quarter worth approximately $1,846,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Manulife Financial by 152.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 113,333 shares of the financial services provider’s stock worth $2,505,000 after purchasing an additional 68,406 shares during the period. Cerity Partners LLC grew its stake in shares of Manulife Financial by 46.3% in the fourth quarter. Cerity Partners LLC now owns 50,795 shares of the financial services provider’s stock worth $1,122,000 after purchasing an additional 16,076 shares during the last quarter. NewEdge Wealth LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $209,000. Finally, Triasima Portfolio Management inc. bought a new position in Manulife Financial during the 4th quarter worth $985,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Company Profile

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.