Desjardins Issues Optimistic Forecast for TSE:MFC Earnings

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at Desjardins increased their FY2024 EPS estimates for Manulife Financial in a research report issued on Thursday, November 7th. Desjardins analyst D. Young now forecasts that the financial services provider will earn $3.78 per share for the year, up from their previous forecast of $3.75. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share. Desjardins also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.94 EPS.

A number of other equities analysts have also recently weighed in on the company. TD Securities lifted their price target on Manulife Financial from C$45.00 to C$48.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their price objective on shares of 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. Barclays set a C$39.00 price target on Manulife Financial and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Scotiabank upped their price objective on shares of Manulife Financial from C$48.00 to C$49.00 in a report on Friday. Finally, CIBC lifted their price objective on Manulife Financial from C$42.00 to C$46.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$42.27.

Manulife Financial Price Performance

Shares of TSE:MFC opened at C$45.11 on Monday. 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 company has a market capitalization of C$79.84 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06. The stock has a fifty day moving average of C$40.15 and a 200-day moving average of C$37.05. Manulife Financial has a one year low of C$25.65 and a one year high of C$45.68.

Insider Activity

In other Manulife Financial news, Director Rocco Gori sold 48,345 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of C$35.73, for a total value of C$1,727,395.86. In related news, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction dated 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 completion of the transaction, the director now directly owns 253 shares of the company’s stock, valued at C$9,474.85. The trade was a 0.00 % decrease in their ownership of the stock. Also, Director Rocco Gori sold 48,345 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of C$35.73, for a total transaction of C$1,727,395.86. In the last ninety days, insiders have sold 62,113 shares of company stock worth $2,223,030. Company insiders own 0.03% of the company’s stock.

Manulife Financial Dividend Announcement

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 paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.60 dividend on an annualized basis and a yield of 3.55%. Manulife Financial’s payout ratio is currently 68.09%.

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.