FY2024 EPS Forecast for Manulife Financial Raised by Analyst

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at National Bank Financial lifted their FY2024 earnings per share (EPS) estimates for shares of Manulife Financial in a report released on Thursday, October 24th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will post earnings per share of $3.71 for the year, up from their previous estimate of $3.69. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share. National Bank Financial also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.94 EPS and FY2025 earnings at $4.18 EPS.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, topping the consensus estimate of C$0.88 by C$0.03. The company had revenue of C$12.88 billion during the quarter, compared to the consensus estimate of C$12.27 billion. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%.

MFC has been the subject of a number of other reports. TD Securities raised their price objective on shares of Manulife Financial from C$40.00 to C$41.00 in a research report on Friday, July 12th. National Bankshares boosted their price target on shares of Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Barclays set a C$39.00 price target on shares of Manulife Financial and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Royal Bank of Canada lifted their price objective on Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. Finally, Scotiabank upped their target price on Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Manulife Financial has a consensus rating of “Moderate Buy” and an average price target of C$39.64.

Manulife Financial Stock Performance

TSE:MFC opened at C$41.41 on Monday. The business’s fifty day moving average is C$38.94 and its 200 day moving average is C$36.32. The firm has a market cap of C$73.30 billion, a price-to-earnings ratio of 17.62, a PEG ratio of 1.01 and a beta of 1.06. The company has a debt-to-equity ratio of 49.60, a quick ratio of 2.58 and a current ratio of 36.68. Manulife Financial has a 52-week low of C$23.69 and a 52-week high of C$42.52.

Insider Activity at Manulife Financial

In other news, Director Matthew Lyman Macinnis sold 6,708 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total value of C$232,566.36. In related news, Director Matthew Lyman Macinnis sold 6,708 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total value of C$232,566.36. Also, Director Rocco Gori sold 48,345 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$1,727,395.86. Insiders sold 68,821 shares of company stock worth $2,455,596 in the last ninety days. 0.03% of the stock is owned by company insiders.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 68.09%.

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.