Q2 2024 EPS Estimates for Manulife Financial Co. (NYSE:MFC) Lowered by National Bank Financial

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Research analysts at National Bank Financial lowered their Q2 2024 earnings per share estimates for Manulife Financial in a research note issued to investors on Thursday, April 25th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will post earnings per share of $0.63 for the quarter, down from their previous estimate of $0.64. The consensus estimate for Manulife Financial’s current full-year earnings is $2.70 per share. National Bank Financial also issued estimates for Manulife Financial’s Q3 2024 earnings at $0.66 EPS and FY2025 earnings at $2.90 EPS.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The company had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $7.57 billion.

Other equities research analysts have also recently issued research reports about the company. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Jefferies Financial Group assumed coverage on Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating on the stock. Finally, BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $31.00 to $35.00 in a report on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Stock Down 1.2 %

MFC stock opened at $23.32 on Monday. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $25.14. The stock’s fifty day simple moving average is $23.95 and its 200-day simple moving average is $21.73. The stock has a market capitalization of $42.00 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 0.87 and a beta of 1.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MFC. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Manulife Financial in the third quarter valued at about $27,000. Anchor Investment Management LLC purchased a new position in Manulife Financial in the fourth quarter valued at about $27,000. Fortis Group Advisors LLC raised its position in Manulife Financial by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 605 shares during the period. Trust Co. of Vermont raised its position in Manulife Financial by 478.5% in the third quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 1,268 shares during the period. Finally, Arlington Trust Co LLC purchased a new position in Manulife Financial in the third quarter valued at about $29,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were issued a $0.298 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.19 dividend on an annualized basis and a yield of 5.11%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s dividend payout ratio (DPR) is presently 61.66%.

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.