Manulife Financial Co. to Post Q1 2024 Earnings of $0.66 Per Share, Cormark Forecasts (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Research analysts at Cormark issued their Q1 2024 earnings estimates for Manulife Financial in a report released on Thursday, April 25th. Cormark analyst L. Persaud forecasts that the financial services provider will earn $0.66 per share for the quarter. The consensus estimate for Manulife Financial’s current full-year earnings is $2.70 per share. Cormark also issued estimates for Manulife Financial’s FY2024 earnings at $2.68 EPS and FY2025 earnings at $2.88 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. The firm had revenue of $10.96 billion during the quarter, compared to analyst estimates of $7.57 billion. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%.

MFC has been the subject of a number of other reports. BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Finally, Jefferies Financial Group began coverage on Manulife Financial in a report on Thursday, February 22nd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Price Performance

Manulife Financial stock opened at $23.61 on Monday. The stock has a market capitalization of $42.52 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 0.87 and a beta of 1.08. The business has a 50 day simple moving average of $23.98 and a 200-day simple moving average of $21.69. Manulife Financial has a 12 month low of $17.07 and a 12 month high of $25.14.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were given a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a dividend yield of 5.05%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 27th. Manulife Financial’s dividend payout ratio is 61.66%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Manulife Financial in the third quarter valued at approximately $27,000. Anchor Investment Management LLC acquired a new position in Manulife Financial during the fourth quarter worth $27,000. Fortis Group Advisors LLC grew its holdings in Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after buying an additional 605 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Manulife Financial by 478.5% in the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 1,268 shares during the last quarter. Finally, Arlington Trust Co LLC purchased a new position in shares of Manulife Financial during the 3rd quarter worth $29,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.