National Bank Financial Weighs in on MFC FY2024 Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities research analysts at National Bank Financial increased their FY2024 earnings per share (EPS) estimates for shares of Manulife Financial in a report issued on Thursday, October 24th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will earn $2.67 per share for the year, up from their previous forecast of $2.66. The consensus estimate for Manulife Financial’s current full-year earnings is $2.74 per share. National Bank Financial also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.68 EPS.

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

Several other research firms also recently weighed in on MFC. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating on the stock. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $35.67.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $30.23 on Monday. The company’s 50 day moving average price is $28.77 and its two-hundred day moving average price is $26.65. The firm has a market capitalization of $54.10 billion, a P/E ratio of 17.58, a P/E/G ratio of 1.10 and a beta of 1.08. Manulife Financial has a fifty-two week low of $17.30 and a fifty-two week high of $30.86.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were given a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.84%. Manulife Financial’s dividend payout ratio (DPR) is presently 66.86%.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Park Avenue Securities LLC lifted its stake in shares of Manulife Financial by 8.8% in the 1st quarter. Park Avenue Securities LLC now owns 11,867 shares of the financial services provider’s stock valued at $297,000 after purchasing an additional 963 shares during the period. Diversified Trust Co bought a new position in shares of Manulife Financial during the 1st quarter worth approximately $218,000. Dixon Mitchell Investment Counsel Inc. grew its position in shares of Manulife Financial by 3.2% during the 1st quarter. Dixon Mitchell Investment Counsel Inc. now owns 494,845 shares of the financial services provider’s stock worth $12,371,000 after buying an additional 15,496 shares during the period. Measured Wealth Private Client Group LLC increased its stake in shares of Manulife Financial by 11.4% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 41,248 shares of the financial services provider’s stock valued at $1,031,000 after acquiring an additional 4,223 shares in the last quarter. Finally, Norden Group LLC bought a new stake in shares of Manulife Financial in the 1st quarter valued at $620,000. 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.