Cormark Expects Weaker Earnings for Manulife Financial

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Research analysts at Cormark cut their FY2024 EPS estimates for Manulife Financial in a note issued to investors on Tuesday, February 4th. Cormark analyst L. Persaud now anticipates that the financial services provider will earn $2.61 per share for the year, down from their prior forecast of $2.73. The consensus estimate for Manulife Financial’s current full-year earnings is $2.67 per share. Cormark also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.65 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The company had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same period in the prior year, the firm earned $0.69 earnings per share.

Manulife Financial Price Performance

MFC stock opened at $29.87 on Thursday. Manulife Financial has a 1 year low of $21.86 and a 1 year high of $33.07. The company has a market cap of $51.63 billion, a P/E ratio of 14.43, a PEG ratio of 1.04 and a beta of 1.09. The firm has a 50-day moving average of $30.80 and a 200 day moving average of $29.42.

Institutional Investors Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of MFC. Cetera Investment Advisers grew its holdings in Manulife Financial by 5.5% in the second quarter. Cetera Investment Advisers now owns 152,865 shares of the financial services provider’s stock worth $4,068,000 after purchasing an additional 8,011 shares during the period. Sanctuary Advisors LLC purchased a new stake in Manulife Financial in the second quarter worth about $784,000. SG Americas Securities LLC purchased a new stake in Manulife Financial in the third quarter worth about $1,190,000. Park Avenue Securities LLC grew its holdings in Manulife Financial by 36.8% in the third quarter. Park Avenue Securities LLC now owns 17,021 shares of the financial services provider’s stock worth $503,000 after purchasing an additional 4,581 shares during the period. Finally, Atomi Financial Group Inc. grew its holdings in shares of Manulife Financial by 4.3% during the third quarter. Atomi Financial Group Inc. now owns 20,225 shares of the financial services provider’s stock valued at $598,000 after buying an additional 836 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.