Desjardins Forecasts Higher Earnings for Manulife Financial

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Research analysts at Desjardins increased their FY2024 earnings per share (EPS) estimates for shares of Manulife Financial in a research report issued to clients and investors on Thursday, November 7th. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings of $3.78 per share for the year, up from their prior estimate of $3.75. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share. Desjardins also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.94 EPS.

A number of other brokerages have also commented on MFC. Jefferies Financial Group upped their price target on shares of Manulife Financial from C$42.00 to C$47.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. National Bankshares increased their target price on Manulife Financial from C$45.00 to C$47.00 in a research note on Thursday. Royal Bank of Canada boosted their price target on Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. CIBC increased their price objective on Manulife Financial from C$42.00 to C$46.00 in a research report on Friday. Finally, Barclays set a C$39.00 target price on shares of Manulife Financial and gave the company an “equal weight” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$42.27.

Manulife Financial Price Performance

Shares of MFC opened at C$44.24 on Monday. The company’s 50-day moving average is C$40.15 and its 200-day moving average is C$37.02. The company has a debt-to-equity ratio of 49.60, a current ratio of 36.68 and a quick ratio of 2.58. The firm has a market capitalization of C$78.30 billion, a PE ratio of 18.83, a PEG ratio of 1.01 and a beta of 1.06. Manulife Financial has a fifty-two week low of C$25.39 and a fifty-two week high of C$45.68.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.62%. Manulife Financial’s dividend payout ratio (DPR) is currently 68.09%.

Insider Activity

In related news, Director Tin Ku sold 2,166 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total value of C$81,116.70. Following the completion of the transaction, the director now owns 253 shares of the company’s stock, valued at C$9,474.85. This represents a 0.00 % decrease in their position. In related news, Director Rocco Gori sold 48,345 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of C$35.73, for a total value of C$1,727,395.86. Also, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total value of C$81,116.70. Following the transaction, the director now directly owns 253 shares in the company, valued at C$9,474.85. The trade was a 0.00 % decrease in their ownership of the stock. In the last three months, insiders have sold 68,821 shares of company stock worth $2,455,596. Corporate insiders own 0.03% of the company’s stock.

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.