Equities Analysts Issue Forecasts for MFC FY2024 Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) – Equities researchers at Cormark upped their FY2024 earnings estimates for Manulife Financial in a research report issued on Thursday, November 7th. Cormark analyst L. Persaud now expects that the financial services provider will post earnings per share of $2.73 for the year, up from their prior estimate of $2.69. The consensus estimate for Manulife Financial’s current full-year earnings is $2.74 per share.

Several other brokerages have also recently issued reports on MFC. Barclays assumed coverage on shares of Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Manulife Financial has a consensus rating of “Buy” and a consensus target price of $35.67.

Manulife Financial Stock Up 3.2 %

Shares of MFC opened at $32.29 on Friday. The company has a market capitalization of $56.80 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 1.08 and a beta of 1.08. The firm has a 50 day moving average of $29.21 and a 200 day moving average of $26.96. Manulife Financial has a twelve month low of $18.05 and a twelve month high of $32.94.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same quarter last year, the firm earned $0.62 earnings per share.

Institutional Trading of Manulife Financial

Large investors have recently made changes to their positions in the business. Toronto Dominion Bank grew its holdings in Manulife Financial by 57.9% during the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock valued at $582,444,000 after purchasing an additional 8,548,114 shares during the last quarter. 1832 Asset Management L.P. boosted its position in Manulife Financial by 103.1% in the 1st quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock valued at $367,025,000 after buying an additional 7,456,712 shares during the period. National Bank of Canada FI boosted its position in Manulife Financial by 14.8% in the 1st quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock valued at $749,435,000 after buying an additional 3,720,693 shares during the period. M&G Plc purchased a new stake in Manulife Financial in the 1st quarter valued at about $75,231,000. Finally, Acadian Asset Management LLC boosted its position in Manulife Financial by 288.4% in the 2nd quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider’s stock valued at $104,966,000 after buying an additional 2,928,316 shares during the period. 52.56% of the stock is currently owned by institutional investors.

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.