Cormark Has Optimistic Outlook of MFC FY2024 Earnings

Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC - Analysts at Cormark raised their FY2024 EPS estimates for Manulife Financial in a research report issued to clients and investors on Thursday, November 7th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings of $2.73 per share for the year, up from their previous forecast of $2.69. The consensus estimate for Manulife Financial's current full-year earnings is $2.74 per share.

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

Several other research firms also recently commented on MFC. Dbs Bank upgraded shares of Manulife Financial to a "strong-buy" rating in a report on Thursday, August 8th. Barclays began coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an "equal weight" rating for the company. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $35.67.

Manulife Financial Trading Down 1.5 %

Shares of NYSE:MFC traded down $0.49 on Friday, hitting $31.80. The company had a trading volume of 1,458,018 shares, compared to its average volume of 2,536,172. Manulife Financial has a 1-year low of $18.42 and a 1-year high of $32.94. The stock has a market cap of $55.93 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 1.08 and a beta of 1.08. The stock has a 50 day moving average price of $29.39 and a 200 day moving average price of $27.06.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Manulife Financial by 1,210.7% during the second 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. Bessemer Group Inc. lifted its holdings in shares of Manulife Financial by 2,913.7% in the first quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider's stock worth $2,163,000 after acquiring an additional 83,741 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Manulife Financial by 0.5% in the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider's stock worth $393,592,000 after acquiring an additional 75,244 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Manulife Financial by 1.0% in the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider's stock worth $1,806,508,000 after acquiring an additional 727,764 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Manulife Financial in the first quarter worth about $1,705,000. Institutional investors own 52.56% of the company's stock.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be given a $0.296 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Wednesday, November 20th. This is a boost from Manulife Financial's previous quarterly dividend of $0.29. Manulife Financial's payout ratio is presently 67.05%.

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.