Research Analysts Issue Forecasts for Manulife Financial Co.’s Q2 2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Investment analysts at Cormark issued their Q2 2024 earnings per share estimates for shares of Manulife Financial in a research note issued on Wednesday, July 24th. Cormark analyst L. Persaud expects that the financial services provider will earn $0.88 per share for the quarter. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share. Cormark also issued estimates for Manulife Financial’s FY2024 earnings at $3.71 EPS and FY2025 earnings at $4.01 EPS.

Several other analysts also recently weighed in on MFC. CIBC upped their price objective on Manulife Financial from C$34.00 to C$36.00 in a research report on Friday, May 10th. Jefferies Financial Group dropped their price objective on Manulife Financial from C$43.00 to C$42.00 in a research report on Thursday, July 18th. BMO Capital Markets upped their price objective on Manulife Financial from C$40.00 to C$41.00 in a research report on Friday, May 10th. National Bank Financial upgraded Manulife Financial from a “sector perform market weight” rating to an “outperform market weight” rating in a research report on Wednesday, May 8th. Finally, Evercore upped their price objective on Manulife Financial from C$36.00 to C$37.00 in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$38.00.

Manulife Financial Stock Performance

TSE:MFC opened at C$36.14 on Monday. The stock has a fifty day moving average price of C$35.88 and a 200-day moving average price of C$33.47. The company has a market cap of C$65.05 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 12.56 and a beta of 1.10. The company has a debt-to-equity ratio of 48.44, a quick ratio of 2.58 and a current ratio of 29.14. Manulife Financial has a fifty-two week low of C$23.69 and a fifty-two week high of C$37.46.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its earnings results on Wednesday, May 8th. The financial services provider reported C$0.94 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.90 by C$0.04. The firm had revenue of C$12.80 billion during the quarter, compared to the consensus estimate of C$12.13 billion. Manulife Financial had a return on equity of 10.48% and a net margin of 18.29%.

Insider Activity at Manulife Financial

In related news, Senior Officer Steve Finch sold 11,598 shares of the company’s stock in a transaction dated 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 related news, Senior Officer Steve Finch sold 11,598 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of C$35.29, for a total transaction of C$409,293.42. Also, Director Rocco Gori sold 48,640 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of C$35.25, for a total value of C$1,714,560.00. Insiders have sold a total of 157,878 shares of company stock worth $5,557,706 in the last 90 days. Corporate insiders own 0.02% of the company’s stock.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.60 annualized dividend and a dividend yield of 4.43%. Manulife Financial’s payout ratio 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.