Manulife Financial Co. (TSE:MFC) Expected to Post FY2023 Earnings of $3.72 Per Share

Manulife Financial Co. (TSE:MFC – Get Rating) (NYSE:MFC) – Investment analysts at Cormark increased their FY2023 EPS estimates for shares of Manulife Financial in a report released on Wednesday, May 4th. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings of $3.72 per share for the year, up from their prior estimate of $3.68.

Manulife Financial (TSE:MFC – Get Rating) (NYSE:MFC) last released its quarterly earnings results on Wednesday, February 9th. The financial services provider reported C$0.84 EPS for the quarter, beating analysts’ consensus estimates of C$0.82 by C$0.02. The firm had revenue of C$21.61 billion for the quarter.

Several other equities research analysts have also issued reports on the stock. Barclays dropped their target price on shares of Manulife Financial from C$36.00 to C$34.00 and set an “overweight” rating for the company in a research report on Tuesday, April 12th. Evercore ISI restated a “sell” rating on shares of Manulife Financial in a research report on Wednesday, January 12th. Zacks Investment Research reiterated a “hold” rating on shares of Manulife Financial in a report on Thursday, March 17th. Scotiabank decreased their price objective on Manulife Financial from C$30.00 to C$28.00 in a report on Monday. Finally, Canaccord Genuity Group upped their target price on Manulife Financial from C$30.50 to C$31.50 in a research note on Friday, February 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of C$30.04.

Shares of TSE MFC opened at C$25.43 on Thursday. The company has a current ratio of 5.29, a quick ratio of 2.16 and a debt-to-equity ratio of 34.00. The business has a 50-day moving average of C$25.95 and a 200-day moving average of C$25.38. The firm has a market capitalization of C$49.05 billion and a price-to-earnings ratio of 7.18. Manulife Financial has a 12 month low of C$22.76 and a 12 month high of C$28.09.

The firm also recently declared a quarterly dividend, which was paid on Monday, March 21st. Shareholders of record on Wednesday, February 23rd were given a dividend of $0.33 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Tuesday, February 22nd. This represents a $1.32 dividend on an annualized basis and a yield of 5.19%. Manulife Financial’s dividend payout ratio is presently 33.05%.

In related news, Senior Officer Steve Finch sold 12,895 shares of Manulife Financial stock in a transaction that occurred on Friday, February 18th. The stock was sold at an average price of C$26.97, for a total transaction of C$347,838.76. Following the sale, the insider now directly owns 9,183 shares in the company, valued at C$247,708.67. Also, Director Michael James Doughty sold 21,246 shares of the stock in a transaction on Friday, February 18th. The stock was sold at an average price of C$26.97, for a total value of C$573,104.48. Following the completion of the transaction, the director now owns 5,545 shares of the company’s stock, valued at approximately C$149,574.71.

About Manulife Financial (Get Rating)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

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