Desjardins Research Analysts Decrease Earnings Estimates for Manulife Financial Co. (NYSE:MFC)

Manulife Financial Co. (NYSE:MFCFree Report) (TSE:MFC) – Research analysts at Desjardins cut their Q2 2024 earnings per share (EPS) estimates for shares of Manulife Financial in a research report issued to clients and investors on Thursday, May 9th. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings of $0.66 per share for the quarter, down from their prior estimate of $0.67. Desjardins currently has a “Buy” rating on the stock. The consensus estimate for Manulife Financial’s current full-year earnings is $2.71 per share. Desjardins also issued estimates for Manulife Financial’s Q3 2024 earnings at $0.69 EPS, FY2024 earnings at $2.71 EPS and FY2025 earnings at $2.96 EPS.

Manulife Financial (NYSE:MFCGet Free Report) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $7.57 billion.

Several other research firms have also issued reports on MFC. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $31.00 to $35.00 in a report on Thursday, February 15th. Jefferies Financial Group started coverage on Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating on the stock. Finally, National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Read Our Latest Analysis on Manulife Financial

Manulife Financial Stock Performance

MFC opened at $26.01 on Monday. The firm has a market cap of $46.71 billion, a P/E ratio of 15.12, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $26.16. The business’s fifty day moving average is $24.07 and its 200-day moving average is $22.17.

Institutional Trading of Manulife Financial

Hedge funds have recently made changes to their positions in the company. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Manulife Financial during the third quarter valued at about $27,000. Anchor Investment Management LLC acquired a new stake in shares of Manulife Financial during the fourth quarter valued at about $27,000. Fortis Group Advisors LLC boosted its stake in shares of Manulife Financial by 100.0% during 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 in the last quarter. Trust Co. of Vermont boosted its stake in shares of Manulife Financial by 478.5% during 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 in the last quarter. Finally, Bruce G. Allen Investments LLC lifted its stake 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 acquiring an additional 490 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Tuesday, May 21st. Manulife Financial’s payout ratio is 67.44%.

Manulife Financial Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Manulife Financial (NYSE:MFC)

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