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

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities researchers at National Bank Financial dropped their Q2 2024 earnings estimates for shares of Manulife Financial in a note issued to investors on Thursday, April 25th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will post earnings of $0.63 per share for the quarter, down from their prior 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 issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. The company had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%.

Several other research firms also recently commented on MFC. Jefferies Financial Group assumed coverage on shares of Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating on the stock. Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Finally, BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Stock Down 1.2 %

NYSE MFC opened at $23.32 on Monday. The company has a market cap of $42.00 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 0.87 and a beta of 1.08. Manulife Financial has a 52 week low of $17.07 and a 52 week high of $25.14. The firm’s 50-day simple moving average is $23.95 and its two-hundred day simple moving average is $21.73.

Manulife Financial Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bruce G. Allen Investments LLC grew its holdings in shares of Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the last quarter. Accordant Advisory Group Inc purchased a new stake in Manulife Financial in the first quarter worth $30,000. Anchor Investment Management LLC purchased a new stake in Manulife Financial in the fourth quarter worth $27,000. Fortis Group Advisors LLC lifted its stake 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 worth $27,000 after acquiring an additional 605 shares during the period. Finally, Creekmur Asset Management LLC purchased a new position in Manulife Financial during the fourth quarter valued at $30,000. 52.56% of the stock is currently owned by 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.