FY2024 EPS Estimates for Manulife Financial Cut by Cormark

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Stock analysts at Cormark cut their FY2024 earnings per share estimates for Manulife Financial in a research report issued to clients and investors on Tuesday, February 4th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $3.78 for the year, down from their previous estimate of $3.79. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share. Cormark also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.94 EPS and FY2025 earnings at $4.13 EPS.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported C$1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.95 by C$0.05. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. During the same quarter in the previous year, the company earned $0.92 EPS.

Several other brokerages have also recently issued reports on MFC. National Bankshares lifted their target price on Manulife Financial from C$45.00 to C$47.00 in a report on Thursday, November 7th. CIBC lifted their price objective on Manulife Financial from C$46.00 to C$47.00 in a research note on Thursday, January 30th. Barclays increased their target price on Manulife Financial from C$40.00 to C$47.00 in a research report on Monday, January 6th. Scotiabank boosted their price target on shares of Manulife Financial from C$48.00 to C$49.00 in a research report on Friday, November 8th. Finally, TD Securities increased their price objective on shares of Manulife Financial from C$45.00 to C$48.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and an average target price of C$44.55.

Manulife Financial Stock Up 0.4 %

Shares of MFC stock opened at C$42.91 on Thursday. The company’s fifty day simple moving average is C$44.06 and its two-hundred day simple moving average is C$40.99. Manulife Financial has a 52 week low of C$29.82 and a 52 week high of C$46.42. The stock has a market cap of C$75.95 billion, a P/E ratio of 18.26, a PEG ratio of 1.01 and a beta of 1.06. The company has a quick ratio of 2.58, a current ratio of 36.68 and a debt-to-equity ratio of 49.60.

Insiders Place Their Bets

In related news, Director Brooks Tingle sold 3,866 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of C$46.07, for a total value of C$178,102.75. Also, Director Anthony Alex Silva sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of C$45.22, for a total value of C$45,218.70. Insiders sold a total of 77,771 shares of company stock valued at $3,508,584 over the last 90 days. Insiders own 0.03% of the company’s stock.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Wednesday, November 20th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Wednesday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is currently 68.09%.

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.