FY2024 EPS Estimate for Manulife Financial Lifted by Analyst

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Investment analysts at Cormark lifted their FY2024 earnings per share estimates for Manulife Financial in a research report issued to clients and investors on Thursday, November 7th. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings of $2.73 per share for the year, up from their previous forecast of $2.69. The consensus estimate for Manulife Financial’s current full-year earnings is $2.74 per share.

Other equities research analysts have also issued research reports about the stock. Barclays started coverage on shares of Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $35.67.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $31.80 on Friday. The firm has a fifty day moving average of $29.39 and a 200 day moving average of $27.06. Manulife Financial has a 52-week low of $18.42 and a 52-week high of $32.94. The firm has a market capitalization of $55.93 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 1.14 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.26% and a net margin of 9.79%. During the same quarter in the previous year, the firm earned $0.62 EPS.

Institutional Trading of Manulife Financial

A number of large investors have recently made changes to their positions in MFC. Toronto Dominion Bank raised its holdings in shares of Manulife Financial by 57.9% in the first quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock worth $582,444,000 after buying an additional 8,548,114 shares during the period. 1832 Asset Management L.P. lifted its holdings in shares of Manulife Financial by 103.1% during the 1st quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock valued at $367,025,000 after purchasing an additional 7,456,712 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Manulife Financial by 14.8% during the first quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock worth $749,435,000 after acquiring an additional 3,720,693 shares during the last quarter. M&G Plc acquired a new position in shares of Manulife Financial during the first quarter valued at about $75,231,000. Finally, Acadian Asset Management LLC raised its position in shares of Manulife Financial by 288.4% in the 2nd quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider’s stock valued at $104,966,000 after purchasing an additional 2,928,316 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be paid a dividend of $0.296 per share. The ex-dividend date is Wednesday, November 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a yield of 3.72%. Manulife Financial’s dividend payout ratio is presently 56.04%.

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.