Equities Analysts Offer Predictions for MFC FY2024 Earnings

Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC - Equities researchers at Cormark lowered their FY2024 earnings per share estimates for shares of Manulife Financial in a research report issued on Tuesday, February 4th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $2.61 for the year, down from their prior estimate of $2.73. The consensus estimate for Manulife Financial's current full-year earnings is $2.65 per share. Cormark also issued estimates for Manulife Financial's Q4 2024 earnings at $0.65 EPS.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The firm had revenue of $10.69 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the previous year, the company earned $0.69 earnings per share.

Manulife Financial Price Performance

Shares of Manulife Financial stock traded up $0.13 during trading on Thursday, hitting $30.14. 2,002,424 shares of the company's stock traded hands, compared to its average volume of 1,887,462. The company has a market cap of $51.94 billion, a PE ratio of 14.56, a PEG ratio of 1.04 and a beta of 1.09. The firm's fifty day moving average price is $30.68 and its 200 day moving average price is $29.48. Manulife Financial has a twelve month low of $21.95 and a twelve month high of $33.07.

Institutional Investors Weigh In On Manulife Financial

A number of institutional investors have recently added to or reduced their stakes in MFC. Franklin Resources Inc. grew its holdings in shares of Manulife Financial by 16.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider's stock worth $61,426,000 after purchasing an additional 279,418 shares during the last quarter. Sanctuary Advisors LLC grew its stake in Manulife Financial by 148.9% during the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider's stock worth $2,382,000 after buying an additional 43,877 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc increased its holdings in shares of Manulife Financial by 14.9% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider's stock worth $2,719,000 after buying an additional 11,509 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Manulife Financial in the third quarter valued at approximately $13,318,000. Finally, DRW Securities LLC acquired a new position in shares of Manulife Financial in the 3rd quarter worth approximately $1,008,000. 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.