MFC FY2024 EPS Boosted by National Bank Financial

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities research analysts at National Bank Financial upped their FY2024 earnings estimates for Manulife Financial in a report released on Thursday, October 24th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will post earnings per share of $2.67 for the year, up from their previous estimate of $2.66. The consensus estimate for Manulife Financial’s current full-year earnings is $2.74 per share. National Bank Financial also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.68 EPS.

Several other research firms have also commented on MFC. Barclays began coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $35.67.

Manulife Financial Trading Down 0.6 %

Shares of NYSE MFC opened at $29.79 on Monday. The stock has a fifty day moving average price of $28.69 and a 200 day moving average price of $26.60. Manulife Financial has a 12-month low of $17.07 and a 12-month high of $30.86. The company has a market cap of $52.40 billion, a P/E ratio of 17.22, a P/E/G ratio of 1.10 and a beta of 1.08.

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

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 21st were issued a $0.29 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 annualized dividend and a yield of 3.89%. Manulife Financial’s dividend payout ratio is presently 67.05%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Grove Bank & Trust acquired a new stake in Manulife Financial during the second quarter valued at approximately $25,000. West Financial Advisors LLC acquired a new stake in shares of Manulife Financial during the 3rd quarter valued at approximately $26,000. Addison Advisors LLC lifted its stake in Manulife Financial by 77.2% during the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 467 shares during the last quarter. HHM Wealth Advisors LLC boosted its holdings in Manulife Financial by 119.0% in the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 600 shares during the period. Finally, Sachetta LLC increased its stake in Manulife Financial by 209.5% during the second quarter. Sachetta LLC now owns 1,170 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 792 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

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.