Q3 2024 EPS Estimates for Manulife Financial Co. (NYSE:MFC) Lifted by Desjardins

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities research analysts at Desjardins increased their Q3 2024 earnings estimates for Manulife Financial in a research report issued on Wednesday, October 9th. Desjardins analyst D. Young now anticipates that the financial services provider will post earnings of $0.71 per share for the quarter, up from their prior forecast of $0.69. The consensus estimate for Manulife Financial’s current full-year earnings is $2.73 per share. Desjardins also issued estimates for Manulife Financial’s FY2024 earnings at $2.78 EPS and FY2026 earnings at $3.22 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The company had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. During the same quarter in the prior year, the company earned $0.62 earnings per share.

A number of other research firms have also issued reports on MFC. Barclays initiated coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. TD Securities increased their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $35.67.

Manulife Financial Trading Up 1.0 %

Shares of Manulife Financial stock opened at $30.40 on Friday. Manulife Financial has a 1 year low of $17.07 and a 1 year high of $30.52. The company has a market cap of $53.46 billion, a P/E ratio of 17.40, a P/E/G ratio of 1.09 and a beta of 1.08. The stock has a 50-day moving average price of $27.55 and a 200 day moving average price of $26.13.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Wednesday, August 21st. Manulife Financial’s dividend payout ratio is 67.05%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MFC. Duality Advisers LP increased its position in Manulife Financial by 795.2% during the first quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider’s stock worth $5,439,000 after buying an additional 193,343 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Manulife Financial by 1,210.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock valued at $30,922,000 after acquiring an additional 1,072,474 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Manulife Financial by 2,913.7% in the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock valued at $2,163,000 after acquiring an additional 83,741 shares in the last quarter. Legal & General Group Plc lifted its holdings in Manulife Financial by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after purchasing an additional 75,244 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Manulife Financial by 1.0% during the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock worth $1,806,508,000 after purchasing an additional 727,764 shares during the period. Institutional investors and hedge funds 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.