Desjardins Comments on Manulife Financial Co.’s FY2024 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at Desjardins decreased their FY2024 earnings estimates for Manulife Financial in a research report issued to clients and investors on Wednesday, July 17th. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings of $3.70 per share for the year, down from their prior forecast of $3.71. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share.

A number of other research firms also recently issued reports on MFC. Evercore raised their price objective on shares of Manulife Financial from C$36.00 to C$37.00 in a report on Friday, May 10th. BMO Capital Markets raised their price objective on shares of Manulife Financial from C$40.00 to C$41.00 in a report on Friday, May 10th. CIBC raised their price objective on shares of Manulife Financial from C$34.00 to C$36.00 in a report on Friday, May 10th. National Bank Financial raised shares of Manulife Financial from a “sector perform market weight” rating to an “outperform market weight” rating in a report on Wednesday, May 8th. Finally, TD Securities lifted their price target on shares of Manulife Financial from C$40.00 to C$41.00 in a report on Friday, July 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Moderate Buy” and an average target price of C$38.00.

Manulife Financial Stock Performance

MFC opened at C$35.99 on Monday. The company has a current ratio of 29.14, a quick ratio of 2.58 and a debt-to-equity ratio of 48.44. The company has a market cap of C$64.78 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 12.56 and a beta of 1.10. The company’s 50 day moving average is C$35.91 and its 200 day moving average is C$33.23. Manulife Financial has a 12-month low of C$23.69 and a 12-month high of C$37.46.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings results on Wednesday, May 8th. The financial services provider reported C$0.94 EPS for the quarter, topping analysts’ consensus estimates of C$0.90 by C$0.04. Manulife Financial had a net margin of 18.29% and a return on equity of 10.48%. The firm had revenue of C$12.80 billion during the quarter, compared to analyst estimates of C$12.13 billion.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s dividend payout ratio is presently 70.18%.

Insider Buying and Selling

In related news, Director Philip James Witherington sold 97,640 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of C$35.17, for a total value of C$3,433,852.34. In other Manulife Financial news, Director Rocco Gori sold 48,640 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of C$35.25, for a total transaction of C$1,714,560.00. Also, Director Philip James Witherington sold 97,640 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of C$35.17, for a total transaction of C$3,433,852.34. Over the last 90 days, insiders have sold 157,878 shares of company stock worth $5,557,706. 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.