Brokers Set Expectations for Manulife Financial Co.’s Q1 2024 Earnings (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Investment analysts at Cormark issued their Q1 2024 earnings per share (EPS) estimates for shares of Manulife Financial in a research note issued on Thursday, April 25th. Cormark analyst L. Persaud forecasts that the financial services provider will post earnings per share of $0.66 for the quarter. The consensus estimate for Manulife Financial’s current full-year earnings is $2.70 per share. Cormark also issued estimates for Manulife Financial’s FY2024 earnings at $2.68 EPS and FY2025 earnings at $2.88 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, beating the consensus estimate of $0.63 by $0.05. The business had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%.

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

Manulife Financial Price Performance

NYSE MFC opened at $23.32 on Monday. The stock has a market capitalization of $42.00 billion, a PE ratio of 12.08, a P/E/G ratio of 0.87 and a beta of 1.08. The business has a 50 day simple moving average of $23.95 and a two-hundred day simple moving average of $21.73. Manulife Financial has a 1-year low of $17.07 and a 1-year high of $25.14.

Hedge Funds Weigh In On Manulife Financial

Several hedge funds have recently bought and sold shares of MFC. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Manulife Financial in the 3rd quarter valued at $27,000. Anchor Investment Management LLC bought a new position in Manulife Financial in the 4th quarter valued at $27,000. Fortis Group Advisors LLC grew its position in Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 605 shares during the last quarter. Trust Co. of Vermont grew its position in Manulife Financial by 478.5% in the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 1,268 shares during the last quarter. Finally, Arlington Trust Co LLC bought a new position in Manulife Financial in the 3rd quarter valued at $29,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Increases Dividend

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

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.