Manulife Financial Co. Forecasted to Post Q2 2024 Earnings of $0.63 Per Share (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – National Bank Financial cut their Q2 2024 earnings per share (EPS) estimates for shares of Manulife Financial in a report issued on Thursday, April 25th. National Bank Financial analyst G. Dechaine now expects 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.

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

Manulife Financial Stock Performance

NYSE:MFC opened at $23.47 on Monday. The stock has a 50-day simple moving average of $24.00 and a two-hundred day simple moving average of $21.66. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $25.14. The firm has a market capitalization of $42.27 billion, a PE ratio of 12.16, a P/E/G ratio of 0.87 and a beta of 1.08.

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

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were paid a $0.298 dividend. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.19 dividend on an annualized basis and a yield of 5.08%. Manulife Financial’s dividend payout ratio (DPR) is 61.66%.

Institutional Investors Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Manulife Financial in the 3rd quarter worth about $27,000. Anchor Investment Management LLC purchased a new position in Manulife Financial in the 4th quarter worth approximately $27,000. Fortis Group Advisors LLC lifted its stake 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 worth $27,000 after purchasing an additional 605 shares in the last quarter. Trust Co. of Vermont lifted its stake in 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 purchasing an additional 1,268 shares in the last quarter. Finally, Arlington Trust Co LLC purchased a new position in Manulife Financial in the 3rd quarter worth approximately $29,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.