Desjardins Weighs in on Manulife Financial Co.’s Q3 2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Desjardins upped their Q3 2024 earnings per share (EPS) estimates for shares of Manulife Financial in a research report issued on Wednesday, October 9th. Desjardins analyst D. Young now anticipates that the financial services provider will post earnings per share of $0.96 for the quarter, up from their previous forecast of $0.95. The consensus estimate for Manulife Financial’s current full-year earnings is $4.00 per share. Desjardins also issued estimates for Manulife Financial’s FY2024 earnings at $3.75 EPS and FY2026 earnings at $4.35 EPS.

Several other analysts have also commented on MFC. Scotiabank increased their price target on shares of Manulife Financial from C$40.00 to C$41.00 in a research report on Friday, August 9th. Jefferies Financial Group lowered their target price on Manulife Financial from C$43.00 to C$42.00 in a report on Thursday, July 18th. Royal Bank of Canada boosted their price target on Manulife Financial from C$38.00 to C$39.00 in a report on Friday, August 9th. TD Securities increased their price objective on Manulife Financial from C$40.00 to C$41.00 in a research note on Friday, July 12th. Finally, National Bankshares boosted their target price on shares of Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of C$39.18.

Manulife Financial Price Performance

Shares of TSE MFC opened at C$41.82 on Friday. The company has a current ratio of 36.68, a quick ratio of 2.58 and a debt-to-equity ratio of 49.60. The company’s 50-day moving average price is C$37.47 and its 200 day moving average price is C$35.69. Manulife Financial has a 52 week low of C$23.69 and a 52 week high of C$42.03. The stock has a market cap of C$74.02 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 12.56 and a beta of 1.05.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. The business had revenue of C$12.88 billion during the quarter, compared to analysts’ expectations of C$12.27 billion. Manulife Financial had a return on equity of 10.41% and a net margin of 17.34%.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.60 annualized dividend and a dividend yield of 3.83%. Manulife Financial’s payout ratio is currently 68.09%.

Insider Buying and Selling

In related news, Director Tin Ku sold 2,166 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were 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 owns 253 shares of the company’s stock, valued at approximately C$9,474.85. This represents a 0.00 % decrease in their ownership of the stock. In related news, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total value of C$81,116.70. Following the transaction, the director now owns 253 shares in the company, valued at approximately C$9,474.85. This trade represents a 0.00 % decrease in their ownership of the stock. Also, Director Matthew Lyman Macinnis sold 6,708 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total value of C$232,566.36. Over the last three months, insiders have sold 68,821 shares of company stock valued at $2,455,596. 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.