Cormark Forecasts Stronger Earnings for Manulife Financial

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Research analysts at Cormark increased their FY2024 EPS estimates for shares of Manulife Financial in a report issued on Thursday, November 7th. Cormark analyst L. Persaud now expects that the financial services provider will post earnings per share of $3.79 for the year, up from their prior estimate of $3.74. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. The business 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%.

MFC has been the subject of a number of other reports. Jefferies Financial Group upped their price objective on Manulife Financial from C$42.00 to C$47.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Royal Bank of Canada lifted their price target on shares of Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. TD Securities upped their price target on Manulife Financial from C$45.00 to C$48.00 and gave the company a “buy” rating in a research report on Thursday. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Barclays set a C$39.00 target price on Manulife Financial and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Moderate Buy” and an average target price of C$42.27.

Manulife Financial Stock Down 1.2 %

Shares of TSE MFC opened at C$44.24 on Friday. The firm has a market cap of C$78.30 billion, a P/E ratio of 18.83, a price-to-earnings-growth ratio of 1.01 and a beta of 1.06. The company has a debt-to-equity ratio of 49.60, a quick ratio of 2.58 and a current ratio of 36.68. Manulife Financial has a 1 year low of C$25.39 and a 1 year high of C$45.68. The firm’s 50 day moving average price is C$40.15 and its 200 day moving average price is C$36.98.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.62%. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is presently 68.09%.

Insider Transactions at Manulife Financial

In other news, Director Matthew Lyman Macinnis sold 6,708 shares of Manulife Financial stock in a transaction that occurred 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 related news, Director Tin Ku sold 2,166 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 253 shares of the company’s stock, 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 firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total value of C$232,566.36. In the last ninety days, insiders sold 68,821 shares of company stock valued at $2,455,596. Corporate 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.