What is Cormark’s Forecast for TSE:MFC FY2024 Earnings?

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Equities researchers at Cormark upped their FY2024 earnings estimates for Manulife Financial in a report issued on Thursday, November 7th. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings per share of $3.79 for the year, up from their prior forecast of $3.74. The consensus estimate for Manulife Financial’s current full-year earnings is $3.61 per share.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. The business had revenue of C$12.88 billion for the quarter, compared to analyst estimates of C$12.27 billion.

Other research analysts have also issued research reports about the stock. Scotiabank lifted their price target on shares of Manulife Financial from C$41.00 to C$48.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Barclays set a C$39.00 price target on shares of Manulife Financial and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Royal Bank of Canada lifted their price target on shares of Manulife Financial from C$38.00 to C$39.00 in a research report on Friday, August 9th. National Bankshares lifted their price target on shares of Manulife Financial from C$45.00 to C$47.00 in a research report on Thursday. Finally, CIBC lifted their price target on shares of Manulife Financial from C$36.00 to C$42.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$41.82.

Manulife Financial Price Performance

TSE MFC opened at C$44.76 on Friday. Manulife Financial has a 12 month low of C$24.90 and a 12 month high of C$45.68. The company has a debt-to-equity ratio of 49.60, a current ratio of 36.68 and a quick ratio of 2.58. The firm has a market capitalization of C$79.23 billion, a PE ratio of 19.05, a P/E/G ratio of 1.01 and a beta of 1.06. The company’s 50 day simple moving average is C$39.84 and its 200 day simple moving average is C$36.88.

Insider Buying and Selling at Manulife Financial

In other Manulife Financial news, Director Matthew Lyman Macinnis sold 6,708 shares of Manulife Financial stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. In related news, Director Matthew Lyman Macinnis sold 6,708 shares of Manulife Financial stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total value of C$232,566.36. Also, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the completion of the sale, the director now directly owns 253 shares of the company’s stock, valued at approximately C$9,474.85. The trade was a 0.00 % decrease in their position. Insiders sold 68,821 shares of company stock valued at $2,455,596 in the last quarter. Company insiders own 0.03% of the company’s stock.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.57%. Manulife Financial’s dividend payout ratio (DPR) is currently 68.09%.

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.