FY2024 EPS Estimates for Manulife Financial Cut by Cormark

Manulife Financial Co. (TSE:MFC - Free Report) NYSE: MFC - Cormark dropped their FY2024 EPS estimates for Manulife Financial in a report released on Tuesday, February 4th. Cormark analyst L. Persaud now forecasts that the financial services provider will earn $3.78 per share for the year, down from their prior forecast 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 - Get Free Report) NYSE: MFC last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported C$1.00 EPS for the quarter, beating analysts' consensus estimates of C$0.95 by C$0.05. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%. During the same quarter in the previous year, the firm earned $0.92 EPS.

Several other equities analysts also recently commented on MFC. Scotiabank boosted their target price on shares of Manulife Financial from C$48.00 to C$49.00 in a report on Friday, November 8th. National Bankshares boosted their price target on shares of Manulife Financial from C$45.00 to C$47.00 in a research note on Thursday, November 7th. Jefferies Financial Group raised their price objective on Manulife Financial from C$50.00 to C$51.00 in a research report on Thursday, January 30th. TD Securities boosted their target price on Manulife Financial from C$45.00 to C$48.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Barclays raised their price target on Manulife Financial from C$40.00 to C$47.00 in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of C$44.55.

Manulife Financial Price Performance

TSE MFC traded up C$0.15 during trading hours on Thursday, reaching C$43.06. The company's stock had a trading volume of 11,225,383 shares, compared to its average volume of 4,682,402. The company has a quick ratio of 2.58, a current ratio of 36.68 and a debt-to-equity ratio of 49.60. Manulife Financial has a 1 year low of C$29.82 and a 1 year high of C$46.42. The firm's 50-day moving average price is C$43.98 and its 200-day moving average price is C$41.05. The company has a market capitalization of C$76.22 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 1.01 and a beta of 1.06.

Manulife Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $1.60 annualized dividend and a dividend yield of 3.72%. Manulife Financial's dividend payout ratio (DPR) is presently 68.09%.

Insider Buying and Selling

In other news, Director Kenneth Michael Ross sold 4,243 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of C$45.80, for a total value of C$194,315.82. Also, Director Anthony Alex Silva sold 1,000 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$45.22, for a total transaction of C$45,218.70. In the last ninety days, insiders sold 77,771 shares of company stock valued at $3,508,584. Company insiders own 0.03% of the company's stock.

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.