MFC FY2024 EPS Forecast Increased by National Bank Financial

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities research analysts at National Bank Financial lifted their FY2024 EPS estimates for shares of Manulife Financial in a report issued on Wednesday, November 6th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will post earnings per share of $2.74 for the year, up from their prior forecast of $2.67. The consensus estimate for Manulife Financial’s current full-year earnings is $2.74 per share. National Bank Financial also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.69 EPS and FY2025 earnings at $3.10 EPS.

Several other brokerages have also recently issued reports on MFC. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays started coverage on Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $35.67.

Manulife Financial Stock Performance

Shares of MFC opened at $31.80 on Friday. The company has a market capitalization of $55.93 billion, a P/E ratio of 15.36, a P/E/G ratio of 1.14 and a beta of 1.08. The stock has a 50-day moving average price of $29.39 and a 200 day moving average price of $27.06. Manulife Financial has a one year low of $18.42 and a one year high of $32.94.

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

Hedge Funds Weigh In On Manulife Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. West Financial Advisors LLC bought a new position in Manulife Financial in the 3rd quarter worth approximately $26,000. Grove Bank & Trust acquired a new position in shares of Manulife Financial during the 2nd quarter worth about $25,000. Capital Performance Advisors LLP bought a new position in Manulife Financial during the 3rd quarter worth approximately $30,000. Fortitude Family Office LLC acquired a new position in Manulife Financial during the third quarter valued at approximately $31,000. Finally, Addison Advisors LLC raised its stake in Manulife Financial by 77.2% during the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after buying an additional 467 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Increases Dividend

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