Cormark Has Bullish Forecast for TSE:MFC FY2024 Earnings

Manulife Financial Co. (TSE:MFC - Free Report) NYSE: MFC - Investment analysts at Cormark raised their FY2024 earnings estimates for Manulife Financial in a research note issued on Thursday, November 7th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings of $3.79 per share for the year, up from their previous estimate of $3.74. The consensus estimate for Manulife Financial's current full-year earnings is $3.61 per share.

A number of other brokerages have also recently issued reports on MFC. Dbs Bank raised shares of Manulife Financial to a "strong-buy" rating in a research note on Thursday, August 8th. CIBC raised their price objective on Manulife Financial from C$42.00 to C$46.00 in a research note on Friday. Royal Bank of Canada boosted their target price on Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. TD Securities raised their price target on Manulife Financial from C$45.00 to C$48.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Jefferies Financial Group boosted their price objective on Manulife Financial from C$42.00 to C$47.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of C$42.27.

Manulife Financial Price Performance

MFC traded down C$0.52 during midday trading on Friday, hitting C$44.24. The stock had a trading volume of 3,475,925 shares, compared to its average volume of 6,381,398. Manulife Financial has a 1 year low of C$25.39 and a 1 year high of C$45.68. The company has a debt-to-equity ratio of 49.60, a quick ratio of 2.58 and a current ratio of 36.68. The business has a fifty day moving average of C$39.84 and a 200 day moving average of C$36.88. The company has a market cap of C$78.30 billion, a P/E ratio of 18.76, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, beating the consensus estimate of C$0.88 by C$0.03. The firm had revenue of C$12.88 billion for the quarter, compared to analyst estimates of C$12.27 billion. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%.

Insider Buying and Selling at Manulife Financial

In other news, Director Matthew Lyman Macinnis sold 6,708 shares of the business's stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. In other news, Director Matthew Lyman Macinnis sold 6,708 shares of the firm's stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. Also, Director Tin Ku sold 2,166 shares of the company's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the completion of the transaction, the director now directly owns 253 shares of the company's stock, valued at C$9,474.85. This represents a 0.00 % decrease in their position. Over the last ninety days, insiders sold 68,821 shares of company stock valued at $2,455,596. Insiders own 0.03% of the company's stock.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.60 annualized dividend and a yield of 3.62%. Manulife Financial's dividend payout ratio (DPR) is 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.