Manulife Financial (TSE:MFC) Stock Rating Upgraded by National Bank Financial

National Bank Financial upgraded shares of Manulife Financial (TSE:MFC) (NYSE:MFC) from a sector perform market weight rating to an outperform market weight rating in a report issued on Wednesday morning, Zacks.com reports. National Bank Financial also issued estimates for Manulife Financial’s Q2 2024 earnings at $0.88 EPS, Q3 2024 earnings at $0.92 EPS, Q4 2024 earnings at $0.93 EPS, FY2024 earnings at $3.66 EPS and FY2025 earnings at $4.07 EPS.

Several other analysts have also commented on MFC. Desjardins upgraded Manulife Financial from a hold rating to a buy rating and upped their price objective for the company from C$29.00 to C$36.00 in a report on Friday, February 16th. Cormark upgraded Manulife Financial from a market perform rating to a buy rating and lifted their target price for the company from C$33.00 to C$36.00 in a research report on Friday, February 16th. Veritas Investment Research reiterated a reduce rating on shares of Manulife Financial in a report on Friday, February 16th. Royal Bank of Canada raised their price objective on Manulife Financial from C$34.00 to C$38.00 and gave the stock an outperform rating in a research report on Friday, February 16th. Finally, CIBC upped their target price on shares of Manulife Financial from C$30.00 to C$34.00 and gave the company a neutral rating in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of C$37.30.

Manulife Financial Stock Up 1.2 %

Shares of MFC opened at C$35.60 on Wednesday. The stock has a fifty day simple moving average of C$32.74 and a two-hundred day simple moving average of C$29.88. The company has a quick ratio of 2.58, a current ratio of 3.79 and a debt-to-equity ratio of 45.69. The company has a market capitalization of C$64.08 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 12.56 and a beta of 1.09. Manulife Financial has a 52-week low of C$23.69 and a 52-week high of C$35.69.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its earnings results on Wednesday, February 14th. The financial services provider reported C$0.92 EPS for the quarter, topping analysts’ consensus estimates of C$0.84 by C$0.08. The company had revenue of C$14.92 billion for the quarter, compared to the consensus estimate of C$10.24 billion. Manulife Financial had a net margin of 20.05% and a return on equity of 11.57%. As a group, equities analysts forecast that Manulife Financial will post 3.6797312 EPS for the current year.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend is Tuesday, May 21st. Manulife Financial’s payout ratio is 61.30%.

Insider Buying and Selling

In related news, Senior Officer Steve Finch sold 10,294 shares of Manulife Financial stock in a transaction on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value of C$337,231.44. In related news, Senior Officer Steve Finch sold 10,294 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$337,231.44. Also, Director Brooks Tingle sold 3,317 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total transaction of C$108,664.92. 0.02% of the stock is owned by insiders.

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.