Research Analysts Offer Predictions for Manulife Financial Co.’s Q1 2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Cormark issued their Q1 2024 earnings estimates for Manulife Financial in a research note issued on Thursday, April 25th. Cormark analyst L. Persaud anticipates that the financial services provider will post earnings per share of $0.90 for the quarter. Cormark has a “Buy” rating and a $36.00 price target on the stock. The consensus estimate for Manulife Financial’s current full-year earnings is $3.69 per share. Cormark also issued estimates for Manulife Financial’s FY2024 earnings at $3.67 EPS and FY2025 earnings at $3.95 EPS.

A number of other research analysts have also recently issued reports on the stock. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating and increased their target price for the company from C$29.00 to C$36.00 in a report on Friday, February 16th. CIBC increased their target price on shares of Manulife Financial from C$30.00 to C$34.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Royal Bank of Canada increased their target price on shares of Manulife Financial from C$34.00 to C$38.00 and gave the company an “outperform” rating in a report on Friday, February 16th. National Bankshares increased their target price on shares of Manulife Financial from C$33.00 to C$34.00 and gave the company a “sector perform” rating in a report on Friday, April 26th. Finally, Evercore increased their target price on shares of Manulife Financial from C$30.00 to C$36.00 in a report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Manulife Financial currently has a consensus rating of “Moderate Buy” and an average target price of C$36.40.

Manulife Financial Price Performance

Shares of TSE:MFC opened at C$32.11 on Monday. The company has a quick ratio of 2.58, a current ratio of 3.79 and a debt-to-equity ratio of 45.69. The company has a market cap of C$58.12 billion, a P/E ratio of 12.30, a PEG ratio of 12.56 and a beta of 1.09. Manulife Financial has a 52 week low of C$23.69 and a 52 week high of C$34.05. The company has a 50-day moving average price of C$32.56 and a 200 day moving average price of C$29.45.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings data on Wednesday, February 14th. The financial services provider reported C$0.92 EPS for the quarter, beating analysts’ consensus estimates of C$0.84 by C$0.08. The firm had revenue of C$14.92 billion during the quarter, compared to the consensus estimate of C$10.24 billion. Manulife Financial had a net margin of 20.05% and a return on equity of 11.57%.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date was Tuesday, February 27th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.37. Manulife Financial’s dividend payout ratio (DPR) is 61.30%.

Insider Buying and Selling at Manulife Financial

In related news, Director Brooks Tingle sold 3,317 shares of Manulife Financial stock in a transaction on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total transaction of C$108,664.92. In related news, Senior Officer Steve Finch sold 10,294 shares of Manulife Financial stock in a transaction on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total transaction of C$337,231.44. Also, Director Brooks Tingle sold 3,317 shares of Manulife Financial stock in a transaction on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total transaction of C$108,664.92. 0.02% of the stock is owned by company insiders.

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.