Research Analysts Offer Predictions for Manulife Financial Co.’s FY2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at National Bank Financial upped their FY2024 earnings estimates for shares of Manulife Financial in a research report issued to clients and investors on Wednesday, August 7th. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will post earnings per share of $3.69 for the year, up from their prior forecast of $3.66. National Bank Financial has a “Outperform Market Weight” rating on the stock. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings data on Wednesday, May 8th. The financial services provider reported C$0.94 EPS for the quarter, topping the consensus estimate of C$0.90 by C$0.04. Manulife Financial had a net margin of 18.29% and a return on equity of 10.48%. The company had revenue of C$12.80 billion during the quarter, compared to the consensus estimate of C$12.13 billion.

A number of other equities research analysts have also recently commented on MFC. Evercore lifted their target price on Manulife Financial from C$36.00 to C$37.00 in a research note on Friday, May 10th. National Bankshares boosted their price objective on Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday. BMO Capital Markets increased their target price on Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, May 10th. Finally, CIBC increased their price objective on Manulife Financial from C$34.00 to C$36.00 in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of C$38.64.

Manulife Financial Stock Performance

TSE MFC opened at C$34.44 on Friday. The company has a current ratio of 29.14, a quick ratio of 2.58 and a debt-to-equity ratio of 48.44. The company has a fifty day simple moving average of C$35.69 and a 200 day simple moving average of C$33.77. Manulife Financial has a 12-month low of C$23.69 and a 12-month high of C$37.46. The company has a market cap of C$61.99 billion, a P/E ratio of 15.11, a PEG ratio of 12.56 and a beta of 1.10.

Insider Activity

In related news, Senior Officer Steve Finch sold 11,598 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of C$35.29, for a total transaction of C$409,293.42. In other Manulife Financial news, Senior Officer Steve Finch sold 11,598 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of C$35.29, for a total value of C$409,293.42. Also, Director Rocco Gori sold 48,640 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of C$35.25, for a total value of C$1,714,560.00. In the last 90 days, insiders have sold 157,878 shares of company stock valued at $5,557,706. 0.02% of the stock is currently owned by insiders.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend is Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 70.18%.

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.