Desjardins Comments on Manulife Financial Co.’s Q3 2018 Earnings (TSE:MFC)

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) – Desjardins raised their Q3 2018 earnings per share estimates for Manulife Financial in a note issued to investors on Monday, October 15th, according to Zacks Investment Research. Desjardins analyst D. Young now anticipates that the financial services provider will post earnings per share of $0.65 for the quarter, up from their prior estimate of $0.62. Desjardins also issued estimates for Manulife Financial’s FY2018 earnings at $2.57 EPS.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, August 8th. The financial services provider reported C$0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.65 by C$0.05. The business had revenue of C$13.67 billion during the quarter.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets reduced their price objective on Manulife Financial from C$32.00 to C$31.00 in a research report on Friday. Canaccord Genuity set a C$29.00 price objective on Manulife Financial and gave the stock a “buy” rating in a research report on Tuesday, July 24th. National Bank Financial reduced their price objective on Manulife Financial from C$31.00 to C$30.00 and set an “outperform” rating on the stock in a research report on Thursday, August 9th. Evercore set a C$26.00 price objective on Manulife Financial and gave the stock an “in-line” rating in a research report on Thursday. Finally, Evercore ISI restated an “in-line” rating and set a C$26.00 price objective on shares of Manulife Financial in a research report on Thursday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of C$28.50.

Shares of MFC remained flat at $C$22.33 during midday trading on Thursday. The stock had a trading volume of 4,301,200 shares, compared to its average volume of 3,697,690. Manulife Financial has a one year low of C$19.63 and a one year high of C$27.77.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Tuesday, November 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 19th. This represents a $1.00 dividend on an annualized basis and a yield of 4.48%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.22. Manulife Financial’s payout ratio is currently 87.20%.

In other Manulife Financial news, Director Michael James Doughty sold 18,129 shares of Manulife Financial stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total transaction of C$437,634.06. Also, insider Lynda Sullivan sold 5,754 shares of Manulife Financial stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of C$24.14, for a total value of C$138,901.56. Insiders have sold a total of 45,883 shares of company stock worth $1,111,136 over the last ninety days.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.

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