Cormark Expects Weaker Earnings for Manulife Financial

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Research analysts at Cormark dropped their FY2024 EPS estimates for Manulife Financial in a report issued on Tuesday, February 4th. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings of $2.61 per share for the year, down from their previous estimate of $2.73. The consensus estimate for Manulife Financial’s current full-year earnings is $2.67 per share. Cormark also issued estimates for Manulife Financial’s Q4 2024 earnings at $0.65 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The company had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the business earned $0.69 earnings per share.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $29.87 on Thursday. The firm has a fifty day moving average of $30.80 and a 200 day moving average of $29.42. Manulife Financial has a 52-week low of $21.86 and a 52-week high of $33.07. The firm has a market capitalization of $51.63 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.04 and a beta of 1.09.

Institutional Trading of Manulife Financial

Several institutional investors have recently added to or reduced their stakes in the business. National Bank of Canada FI boosted its position in Manulife Financial by 13.5% during the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock valued at $829,374,000 after buying an additional 3,329,892 shares during the period. Geode Capital Management LLC raised its stake in shares of Manulife Financial by 8.1% during the third quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider’s stock valued at $247,473,000 after acquiring an additional 616,517 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Manulife Financial by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,186,930 shares of the financial services provider’s stock valued at $153,455,000 after acquiring an additional 158,216 shares during the last quarter. Alberta Investment Management Corp raised its stake in shares of Manulife Financial by 5.1% during the fourth quarter. Alberta Investment Management Corp now owns 4,896,049 shares of the financial services provider’s stock valued at $150,333,000 after acquiring an additional 236,808 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Manulife Financial by 1.8% during the third quarter. The Manufacturers Life Insurance Company now owns 2,035,663 shares of the financial services provider’s stock valued at $60,202,000 after acquiring an additional 36,838 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.