Equities Analysts Set Expectations for MFC FY2024 Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – National Bank Financial dropped their FY2024 earnings per share estimates for Manulife Financial in a note issued to investors on Tuesday, January 14th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will post earnings per share of $2.64 for the year, down from their prior estimate of $2.74. The consensus estimate for Manulife Financial’s current full-year earnings is $2.71 per share. National Bank Financial also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.67 EPS and FY2025 earnings at $2.93 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.70 by $0.30. The firm had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same quarter in the prior year, the firm earned $0.69 earnings per share.

Manulife Financial Stock Down 0.8 %

MFC opened at $30.58 on Friday. The stock has a market cap of $52.86 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.01 and a beta of 1.09. Manulife Financial has a 12 month low of $20.78 and a 12 month high of $33.07. The company has a fifty day simple moving average of $31.34 and a 200 day simple moving average of $29.06.

Hedge Funds Weigh In On Manulife Financial

Institutional investors have recently modified their holdings of the business. Franklin Resources Inc. raised its holdings in Manulife Financial by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after buying an additional 279,418 shares during the period. Sanctuary Advisors LLC lifted its position in Manulife Financial by 148.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock valued at $2,382,000 after acquiring an additional 43,877 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Manulife Financial by 1,210.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock worth $30,922,000 after purchasing an additional 1,072,474 shares during the period. Legal & General Group Plc increased its holdings in Manulife Financial by 0.5% during 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 in the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Manulife Financial in the 3rd quarter valued at about $13,318,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th were given a dividend of $0.296 per share. The ex-dividend date was Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.87%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio (DPR) is currently 59.42%.

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.