Research Analysts Offer Predictions for Manulife Financial Co.’s Q1 2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at Cormark issued their Q1 2024 earnings per share estimates for Manulife Financial in a report released on Thursday, April 25th. Cormark analyst L. Persaud anticipates that the financial services provider will earn $0.90 per share for the quarter. Cormark has a “Buy” rating and a $36.00 price objective on the stock. The consensus estimate for Manulife Financial’s current full-year earnings is $3.69 per share. Cormark also issued estimates for Manulife Financial’s FY2024 earnings at $3.67 EPS and FY2025 earnings at $3.95 EPS.

Several other research firms have also recently weighed in on MFC. CIBC increased their price objective on 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. BMO Capital Markets raised their target price on Manulife Financial from C$35.00 to C$40.00 in a research report on Monday, April 8th. Royal Bank of Canada raised their target price 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. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from C$29.00 to C$36.00 in a research report on Friday, February 16th. Finally, Evercore raised their target price on Manulife Financial from C$30.00 to C$36.00 in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$36.40.

Manulife Financial Stock Down 0.5 %

MFC opened at C$32.11 on Monday. Manulife Financial has a 1-year low of C$23.69 and a 1-year high of C$34.05. The company has a current ratio of 3.79, a quick ratio of 2.58 and a debt-to-equity ratio of 45.69. The stock has a market capitalization of C$58.12 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 12.56 and a beta of 1.09. The business has a 50 day moving average of C$32.56 and a 200-day moving average of C$29.45.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, February 14th. The financial services provider reported C$0.92 earnings per share for the quarter, beating the consensus estimate of C$0.84 by C$0.08. Manulife Financial had a return on equity of 11.57% and a net margin of 20.05%. The company had revenue of C$14.92 billion during the quarter, compared to analysts’ expectations of C$10.24 billion.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.98%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.37. Manulife Financial’s dividend payout ratio is currently 61.30%.

Insider Transactions at Manulife Financial

In other news, Director Brooks Tingle sold 3,317 shares of the company’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. In other Manulife Financial news, Senior Officer Steve Finch sold 10,294 shares of the company’s 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. Also, Director Brooks Tingle sold 3,317 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$108,664.92. Company insiders own 0.02% of the company’s stock.

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.