Manulife Financial Co. Forecasted to Post Q1 2024 Earnings of $0.90 Per Share (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities research analysts at Cormark issued their Q1 2024 EPS estimates for Manulife Financial in a research note issued to investors on Thursday, April 25th. Cormark analyst L. Persaud forecasts that the financial services provider will post earnings of $0.90 per share 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.

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

Several other equities analysts have also weighed in on MFC. Evercore boosted their target price on shares of Manulife Financial from C$30.00 to C$36.00 in a report on Tuesday, February 20th. Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and boosted their target price for the company from C$29.00 to C$36.00 in a report on Friday, February 16th. Royal Bank of Canada boosted 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. TD Securities lowered shares of Manulife Financial from an “action list buy” rating to a “buy” rating and boosted their target price for the company from C$35.00 to C$37.00 in a report on Wednesday, February 21st. Finally, Scotiabank boosted their target price on shares of Manulife Financial from C$35.00 to C$40.00 and gave the company an “outperform” rating in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial currently has an average rating of “Moderate Buy” and a consensus target price of C$36.40.

Manulife Financial Stock Performance

MFC opened at C$32.27 on Monday. The company has a current ratio of 3.79, a quick ratio of 2.58 and a debt-to-equity ratio of 45.69. The firm has a market capitalization of C$58.41 billion, a PE ratio of 12.36, a PEG ratio of 12.56 and a beta of 1.09. The firm’s 50-day moving average price is C$32.58 and its 200 day moving average price is C$29.40. Manulife Financial has a twelve month low of C$23.69 and a twelve month high of C$34.05.

Insider Activity

In other news, Senior Officer Steve Finch sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$337,231.44. In other news, Senior Officer Steve Finch sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$337,231.44. Also, Director Brooks Tingle sold 3,317 shares of the business’s stock in a transaction that occurred 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. Insiders own 0.02% of the company’s stock.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.96%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, February 27th. Manulife Financial’s payout ratio is 61.30%.

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.