National Bank Financial Comments on Manulife Financial Co.’s Q2 2024 Earnings (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – National Bank Financial cut their Q2 2024 EPS estimates for shares of Manulife Financial in a research report issued on Thursday, April 25th. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will post earnings per share of $0.63 for the quarter, down from their previous estimate of $0.64. The consensus estimate for Manulife Financial’s current full-year earnings is $2.70 per share. National Bank Financial also issued estimates for Manulife Financial’s Q3 2024 earnings at $0.66 EPS and FY2025 earnings at $2.90 EPS.

Several other equities analysts also recently commented on MFC. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. Finally, Jefferies Financial Group began coverage on shares of Manulife Financial in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Stock Performance

Shares of NYSE MFC opened at $23.61 on Monday. Manulife Financial has a fifty-two week low of $17.07 and a fifty-two week high of $25.14. The company has a market cap of $42.52 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.87 and a beta of 1.08. The business’s 50 day moving average price is $23.98 and its 200-day moving average price is $21.69.

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

Manulife Financial Increases Dividend

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

Institutional Investors Weigh In On Manulife Financial

Several large investors have recently modified their holdings of MFC. Yousif Capital Management LLC increased its holdings in Manulife Financial by 1.5% during the first quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock valued at $759,000 after buying an additional 460 shares during the period. First Affirmative Financial Network boosted its position in Manulife Financial by 4.5% during the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 482 shares in the last quarter. Bruce G. Allen Investments LLC increased its holdings in shares of Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 490 shares during the period. Spire Wealth Management increased its holdings in shares of Manulife Financial by 28.6% in the 1st quarter. Spire Wealth Management now owns 2,249 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 500 shares during the period. Finally, Wesbanco Bank Inc. raised its position in shares of Manulife Financial by 3.6% in the 1st quarter. Wesbanco Bank Inc. now owns 14,469 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 506 shares in the last quarter. 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.