Q2 2024 EPS Estimates for Manulife Financial Co. Reduced by Analyst (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC - Equities researchers at Desjardins dropped their Q2 2024 EPS estimates for Manulife Financial in a note issued to investors on Thursday, May 9th. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings per share of $0.66 for the quarter, down from their previous estimate of $0.67. Desjardins 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.

A number of other research firms have also commented on MFC. Jefferies Financial Group assumed coverage on Manulife Financial in a research note on Thursday, February 22nd. They issued a "buy" rating on the stock. National Bank Financial raised Manulife Financial from a "sector perform" rating to an "outperform" rating in a research report on Thursday. Finally, BMO Capital Markets upgraded shares of Manulife Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Manulife Financial presently has a consensus rating of "Moderate Buy" and an average target price of $33.33.

Manulife Financial Trading Down 1.3 %

MFC traded down $0.35 during trading on Monday, hitting $25.70. The stock had a trading volume of 2,454,242 shares, compared to its average volume of 3,258,739. Manulife Financial has a 12 month low of $17.07 and a 12 month high of $26.16. The company has a 50 day simple moving average of $24.03 and a 200-day simple moving average of $22.11. The firm has a market cap of $46.15 billion, a PE ratio of 14.94, a P/E/G ratio of 0.96 and a beta of 1.08.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The company had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $7.57 billion.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.29 per share. The ex-dividend date is Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.51%. Manulife Financial's dividend payout ratio is currently 69.19%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. increased its stake in Manulife Financial by 109.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 199,140 shares of the financial services provider's stock valued at $4,401,000 after acquiring an additional 104,026 shares during the period. Blue Trust Inc. raised its holdings in shares of Manulife Financial by 5.7% in the 4th quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider's stock worth $231,000 after buying an additional 568 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Manulife Financial by 8.8% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,507,589 shares of the financial services provider's stock worth $100,922,000 after buying an additional 446,233 shares during the period. PNC Financial Services Group Inc. boosted its stake in Manulife Financial by 44.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 86,268 shares of the financial services provider's stock valued at $1,577,000 after buying an additional 26,369 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its position in Manulife Financial by 11.2% in the fourth quarter. AustralianSuper Pty Ltd now owns 5,793,161 shares of the financial services provider's stock valued at $128,019,000 after acquiring an additional 582,468 shares during the period. Institutional investors own 52.56% 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.