National Bank Financial Comments on Manulife Financial Co.’s Q2 2024 Earnings (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities research analysts at National Bank Financial reduced their Q2 2024 earnings per share estimates for shares of Manulife Financial in a report issued on Thursday, April 25th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will earn $0.63 per share for the quarter, down from their previous estimate of $0.64. The consensus estimate for Manulife Financial’s current full-year earnings is $2.70 per share. National Bank Financial also issued estimates for Manulife Financial’s Q3 2024 earnings at $0.66 EPS and FY2025 earnings at $2.90 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The company had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $7.57 billion.

Several other research analysts also recently commented on the company. Jefferies Financial Group initiated coverage on Manulife Financial in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Finally, BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Stock Up 0.4 %

Shares of NYSE MFC opened at $23.47 on Monday. Manulife Financial has a 52 week low of $17.07 and a 52 week high of $25.14. The business has a 50-day simple moving average of $24.00 and a two-hundred day simple moving average of $21.66. The company has a market cap of $42.27 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.87 and a beta of 1.08.

Hedge Funds Weigh In On Manulife Financial

Large investors have recently modified their holdings of the company. Norges Bank purchased a new position in Manulife Financial in the 4th quarter worth approximately $473,568,000. FIL Ltd increased its stake in Manulife Financial by 750.5% in the 4th quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock worth $218,990,000 after purchasing an additional 8,745,071 shares during the period. TD Asset Management Inc increased its stake in Manulife Financial by 26.5% in the 4th quarter. TD Asset Management Inc now owns 37,066,418 shares of the financial services provider’s stock worth $823,074,000 after purchasing an additional 7,766,870 shares during the period. CIBC Asset Management Inc increased its stake in Manulife Financial by 47.4% in the 4th quarter. CIBC Asset Management Inc now owns 20,710,186 shares of the financial services provider’s stock worth $459,108,000 after purchasing an additional 6,663,997 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Manulife Financial by 694.2% during the third quarter. Public Sector Pension Investment Board now owns 3,984,024 shares of the financial services provider’s stock valued at $73,139,000 after buying an additional 3,482,367 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were issued a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 5.08%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 27th. Manulife Financial’s dividend payout ratio (DPR) is currently 61.66%.

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.