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

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Stock analysts at Cormark issued their Q1 2024 earnings per share estimates for Manulife Financial in a report released on Thursday, April 25th. Cormark analyst L. Persaud forecasts that the financial services provider will post earnings per share of $0.66 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.

A number of other equities analysts also recently issued reports on MFC. Jefferies Financial Group started coverage on Manulife Financial in a research report on Thursday, February 22nd. They set a “buy” rating for the company. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $31.00 to $35.00 in a research note on Thursday, February 15th. Finally, Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. One 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Manulife Financial Trading Up 0.4 %

Manulife Financial stock opened at $23.47 on Monday. The company 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 has a 12 month low of $17.07 and a 12 month high of $25.14. The stock has a 50-day moving average price of $24.00 and a two-hundred day moving average price of $21.66.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data 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 business had revenue of $10.96 billion for 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%.

Hedge Funds Weigh In On Manulife Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Bruce G. Allen Investments LLC boosted 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 worth $29,000 after purchasing an additional 490 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in Manulife Financial during the 1st quarter valued at about $30,000. Anchor Investment Management LLC purchased a new stake in Manulife Financial during the 4th quarter valued at about $27,000. Fortis Group Advisors LLC boosted its holdings in Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 605 shares during the period. Finally, Creekmur Asset Management LLC purchased a new stake in Manulife Financial during the 4th quarter valued at about $30,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were given a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a yield of 5.08%. 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 payout ratio is presently 61.66%.

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.