In a recent investor day event in Hong Kong, Manulife Financial Corp announced that it has increased its core return on equity target to at least 18% by 2027, up from its previous target of 15%. The company also raised its target for cash returns to shareholders to $22 billion for the next three years, compared to $18.4 billion for the past three years. CEO Roy Gori explained that these higher targets reflect the company's successful risk reduction efforts and its readiness to capitalize on global trends. Gori also highlighted the potential of the Asian market, with the middle class expected to reach 3.5 billion by 2030. Manulife Financial's scale positions it well to adapt to the growing demand for consumer digitization [e7964d27].
Stifel Financial Corp, an investment firm, has also made a move by increasing its stake in Manulife Financial Co. During the fourth quarter, Stifel Financial Corp acquired an additional 44,796 shares of Manulife Financial, bringing its total holdings to 208,238 shares. The value of Stifel Financial Corp's stake in Manulife Financial is now $4,602,000 [e27cc4c9].
Manulife Financial recently reported earnings of $0.70 per share for the quarter, surpassing the consensus estimate of $0.66. The company's revenue for the quarter was $9.49 billion. Additionally, Manulife Financial declared a quarterly dividend of $0.29 per share, with an ex-dividend date of May 21st and a payment date of June 19th. The stock has an average rating of 'Moderate Buy' and an average price target of $33.33 [e27cc4c9] [e7964d27].
Japanese floater specialist Modec has reported a strong financial performance in the first half of this year. Revenues rose by 18% to $1.88 billion compared to the same period in 2023. Net income attributable to shareholders jumped to $124 million in the reporting period against $24 million a year earlier. In the second quarter, revenues were up by 25% to $1.05 billion and attributable net income was up by 197% to $61.4 million. Modec increased its fiscal year 2024 interim dividend from JPY10 per share to JPY30 per share. The company expects total full-year revenue of about $4.3 billion and net income of $200 million. Modec is currently guiding its full-year revenues about 10% above and net income 45% above the consensus forecast for 2024 [0821938f].