Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) – Cormark upped their Q1 2023 EPS estimates for shares of Manulife Financial in a research note issued to investors on Tuesday, April 25th. Cormark analyst L. Persaud now expects that the financial services provider will post earnings per share of $0.62 for the quarter, up from their previous estimate of $0.59. The consensus estimate for Manulife Financial’s current full-year earnings is $2.39 per share.
A number of other equities analysts also recently weighed in on the stock. Scotiabank lifted their target price on shares of Manulife Financial from C$27.00 to C$34.00 in a research note on Monday, January 30th. CIBC lifted their target price on shares of Manulife Financial from C$23.00 to C$27.00 in a research note on Wednesday, January 25th. StockNews.com began coverage on shares of Manulife Financial in a research note on Thursday, March 16th. They set a “hold” rating for the company. Credit Suisse Group began coverage on shares of Manulife Financial in a research note on Thursday, January 12th. They set a “neutral” rating for the company. Finally, National Bank Financial lifted their target price on shares of Manulife Financial from C$26.00 to C$27.00 in a research note on Thursday, February 16th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Manulife Financial has a consensus rating of “Hold” and an average price target of $29.29.
Manulife Financial Stock Performance
Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last issued its earnings results on Wednesday, February 15th. The financial services provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.04. The company had revenue of $11.34 billion during the quarter.
Institutional Investors Weigh In On Manulife Financial
A number of large investors have recently bought and sold shares of MFC. National Bank of Canada FI boosted its holdings in Manulife Financial by 457.2% during the fourth quarter. National Bank of Canada FI now owns 29,997,656 shares of the financial services provider’s stock worth $534,936,000 after purchasing an additional 24,613,635 shares during the last quarter. Norges Bank bought a new stake in Manulife Financial in the fourth quarter worth about $406,195,000. Toronto Dominion Bank raised its position in Manulife Financial by 50.0% in the third quarter. Toronto Dominion Bank now owns 17,846,160 shares of the financial services provider’s stock worth $296,917,000 after acquiring an additional 5,951,897 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Manulife Financial by 219.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,749,000 shares of the financial services provider’s stock worth $90,128,000 after acquiring an additional 3,950,000 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Manulife Financial in the first quarter worth about $52,082,000. 43.42% of the stock is currently owned by institutional investors and hedge funds.
Manulife Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, March 20th. Shareholders of record on Tuesday, February 28th were issued a $0.274 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 5.78%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, February 27th. Manulife Financial’s dividend payout ratio (DPR) is presently 39.01%.
Manulife Financial Company Profile
Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.
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