National Bank Financial Comments on Manulife Financial Co.’s Q1 2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Research analysts at National Bank Financial lifted their Q1 2024 earnings per share (EPS) estimates for Manulife Financial in a report released on Thursday, April 25th. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will earn $0.90 per share for the quarter, up from their previous estimate of $0.89. The consensus estimate for Manulife Financial’s current full-year earnings is $3.69 per share. National Bank Financial also issued estimates for Manulife Financial’s Q3 2024 earnings at $0.91 EPS, Q4 2024 earnings at $0.92 EPS, FY2024 earnings at $3.59 EPS and FY2025 earnings at $3.98 EPS.

Several other analysts have also issued reports on MFC. Royal Bank of Canada upped their target price on Manulife Financial from C$34.00 to C$38.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. CIBC upped their price objective on Manulife Financial from C$30.00 to C$34.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Evercore upped their price objective on Manulife Financial from C$30.00 to C$36.00 in a research note on Tuesday, February 20th. TD Securities lowered Manulife Financial from an “action list buy” rating to a “buy” rating and upped their price objective for the company from C$35.00 to C$37.00 in a research note on Wednesday, February 21st. Finally, Scotiabank upped their price objective on Manulife Financial from C$35.00 to C$40.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Manulife Financial currently has a consensus rating of “Moderate Buy” and an average price target of C$36.40.

Manulife Financial Stock Performance

MFC opened at C$32.07 on Monday. Manulife Financial has a 52-week low of C$23.69 and a 52-week high of C$34.05. The firm has a market capitalization of C$58.05 billion, a PE ratio of 12.29, a PEG ratio of 12.56 and a beta of 1.09. The company has a debt-to-equity ratio of 45.69, a quick ratio of 2.58 and a current ratio of 3.79. The business’s 50-day simple moving average is C$32.60 and its 200 day simple moving average is C$29.35.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its earnings results on Wednesday, February 14th. The financial services provider reported C$0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.84 by C$0.08. Manulife Financial had a return on equity of 11.57% and a net margin of 20.05%. The business had revenue of C$14.92 billion for the quarter, compared to analyst estimates of C$10.24 billion.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were given a $0.40 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.60 annualized dividend and a dividend yield of 4.99%. Manulife Financial’s dividend payout ratio is presently 61.30%.

Insider Activity

In other news, Director Brooks Tingle sold 3,317 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value of C$108,664.92. In related news, Senior Officer Steve Finch sold 10,294 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was 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 the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value 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.