Research Analysts Issue Forecasts for Manulife Financial Co.’s Q2 2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at Cormark issued their Q2 2024 earnings per share (EPS) estimates for Manulife Financial in a research report issued on Wednesday, July 24th. Cormark analyst L. Persaud expects that the financial services provider will post earnings of $0.88 per share for the quarter. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share. Cormark also issued estimates for Manulife Financial’s FY2024 earnings at $3.71 EPS and FY2025 earnings at $4.01 EPS.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, May 8th. The financial services provider reported C$0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.90 by C$0.04. Manulife Financial had a return on equity of 10.48% and a net margin of 18.29%. The firm had revenue of C$12.80 billion during the quarter, compared to analysts’ expectations of C$12.13 billion.

A number of other equities analysts have also recently issued reports on MFC. Jefferies Financial Group cut their price objective on Manulife Financial from C$43.00 to C$42.00 in a report on Thursday, July 18th. National Bank Financial upgraded Manulife Financial from a “sector perform market weight” rating to an “outperform market weight” rating in a report on Wednesday, May 8th. TD Securities increased their target price on Manulife Financial from C$40.00 to C$41.00 in a report on Friday, July 12th. CIBC increased their target price on Manulife Financial from C$34.00 to C$36.00 in a report on Friday, May 10th. Finally, BMO Capital Markets increased their target price on Manulife Financial from C$40.00 to C$41.00 in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and an average price target of C$38.00.

Manulife Financial Price Performance

MFC opened at C$36.14 on Monday. The stock has a 50-day moving average price of C$35.88 and a 200-day moving average price of C$33.47. Manulife Financial has a 12-month low of C$23.69 and a 12-month high of C$37.46. The company has a current ratio of 29.14, a quick ratio of 2.58 and a debt-to-equity ratio of 48.44. The stock has a market capitalization of C$65.05 billion, a P/E ratio of 15.85, a PEG ratio of 12.56 and a beta of 1.10.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Director Philip James Witherington sold 97,640 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of C$35.17, for a total transaction of C$3,433,852.34. In other Manulife Financial news, Senior Officer Steve Finch sold 11,598 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of C$35.29, for a total transaction of C$409,293.42. Also, Director Philip James Witherington sold 97,640 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of C$35.17, for a total value of C$3,433,852.34. Insiders sold 157,878 shares of company stock valued at $5,557,706 in the last 90 days. Insiders own 0.02% of the company’s stock.

Manulife Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Tuesday, May 21st. Manulife Financial’s payout ratio is 70.18%.

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.