Core Insights - Manulife Financial Corporation (MFC) reported fourth-quarter 2025 core earnings of 80 cents per share, exceeding the Zacks Consensus Estimate by 5.2% and reflecting an 8.1% year-over-year improvement [1][10] Financial Performance - Core earnings totaled $1.4 billion (C$1.9 billion), driven by business growth in Asia, Global Wealth and Asset Management (WAM), and Canada, though partially offset by unfavorable life insurance claims in the U.S. and lower investment spreads [2] - New business value (NBV) for the quarter was $626 million (C$874 million), a 4.1% increase year over year, attributed to a favorable business mix and margin improvements [3] - Annualized premium equivalent (APE) sales decreased by 1% year over year [3] - Wealth and asset management assets under management reached $799.7 billion (C$1,115 billion), marking a 13% year-over-year increase, despite net outflows of $6.8 billion (C$9.5 billion) [4] Segment Performance - Global Wealth and Asset Management's core earnings were $351 million (C$490 million), up 2.3% year over year, supported by higher net fee income and expense discipline [6] - Asia division's core earnings rose to $563 million (C$785 million), a 65% increase year over year, with NBV margin improving to 41.2% [7] - Canada division's core earnings increased to $296 million (C$413 million), up 6.4% year over year, driven by favorable insurance experience and business growth [8] - The U.S. division reported core earnings of $228 million (C$319 million), an 8.5% year-over-year increase, with APE sales and NBV rising by 9% and 8%, respectively [9] Return Metrics - Core return on equity expanded by 60 basis points year over year to 17.1% [5] - Adjusted book value per common share increased by 5.5% year over year to $38.27 [5] Dividend Update - The board approved a 10.2% increase in the quarterly dividend to 48.5 cents, payable to shareholders of record as of February 25, 2026 [11]

Core Insights - Ameriprise Financial, Inc. reported strong fourth-quarter earnings with adjusted earnings per share of $10.83, surpassing market expectations of $10.30 due to robust asset growth and effective expense management [1] - The company's revenue for the quarter reached $4.96 billion, exceeding the average forecast of $4.77 billion, marking a 10% year-over-year growth [1] Financial Performance - The Advice & Wealth Management division achieved pretax adjusted operating earnings of $926 million, reflecting a 13% increase and an overall margin of 29.3% [2] - Total client assets increased by 13% to a record high of $1.2 trillion, supported by strong client inflows of $13.3 billion [2] - The company enhanced its capacity to generate free cash flow, returning $1.1 billion to shareholders, which is 101% of adjusted operating earnings [2] Company Overview - Ameriprise Financial, Inc. is a diversified financial services firm based in Minneapolis, Minnesota, established in 1894, providing wealth and asset management, financial planning, insurance, and annuity services globally [3]

Core Viewpoint - Fifth Third Bancorp has successfully completed its merger with Comerica Incorporated, resulting in the formation of the ninth-largest bank in the U.S. with approximately $294 billion in assets [1] Group 1: Merger Details - The merger combines Fifth Third's retail banking and digital capabilities with Comerica's middle market banking franchise, enhancing stability, profitability, and growth potential [1] - Fifth Third will now operate in 17 of the 20 fastest-growing large markets in the U.S., including key regions in the Southeast, Texas, and California, while maintaining its leadership in the Midwest [1] - The combined entity aims to have around 1,750 branches by 2030, with over half located in high-growth areas [1] Group 2: Business Strategy and Growth Opportunities - The merger creates two recurring and high-return fee businesses: Commercial Payments and Wealth and Asset Management, which will provide diversified earnings and reinvestment capacity [1] - Over the next five years, the company plans to scale Comerica's middle market expertise, deepen commercial and wealth relationships, expand retail banking, and build an innovation banking business [1] Group 3: Leadership and Integration - Tim Spence, chairman, CEO, and president of Fifth Third, emphasized the merger as a pivotal moment for the bank, aiming to deliver exceptional value for shareholders, customers, and communities [1] - Integration teams will work closely to ensure a seamless transition for customers, with full system and brand conversions expected in the third quarter [1]

Core Insights - Morgan Stanley's strategic shift towards wealth and asset management has significantly reduced its reliance on the volatile nature of dealmaking and trading, with the wealth and asset management segments contributing 54% to total net revenues in 2025, up from 26% in 2010 [1][10] Wealth and Asset Management Growth - The wealth and asset management sectors are characterized by recurring fee streams, which provide more stability compared to transaction-heavy investment banking [2] - By the end of 2025, total client assets in Wealth and Investment Management reached $9.3 trillion, supported by $356 billion in net new assets, moving closer to the company's $10 trillion target [4][10] Strategic Acquisitions - Morgan Stanley has enhanced its market position through strategic acquisitions, including E*TRADE, Eaton Vance, Shareworks (formerly Solium), and EquityZen, which have broadened distribution and deepened client engagement [3][10] Peer Comparison - In comparison, JPMorgan's Asset & Wealth Management segment reported net revenues of $6.5 billion in Q4 2025, with assets under management reaching $4.8 trillion [6] - Goldman Sachs' Asset & Wealth Management division generated net revenues of $4.72 billion in Q4 2025, with assets under supervision totaling $3.61 trillion [7] Valuation and Earnings Estimates - Morgan Stanley's shares have appreciated by 28% over the past six months, and the company trades at a price-to-tangible book ratio of 3.69, above the industry average of 3.11 [8][11] - Earnings estimates for 2026 suggest an 8.4% year-over-year increase, with 2027 earnings expected to grow by 7.1% [12][13]

Core Insights - Manulife Financial Corporation (MFC) achieved a 52-week high of $37.46 on January 6, closing at $37.40, reflecting a 22% increase over the past year, outperforming its industry, sector, and the Zacks S&P 500 composite [1] - MFC's market capitalization stands at $62.88 billion, with an average trading volume of 1.9 million shares over the last three months [2] Stock Performance - MFC shares are trading above the 50-day and 200-day simple moving averages (SMA) of $34.69 and $31.89, indicating strong upward momentum [4] - The average price target for MFC, based on estimates from 12 analysts, is $38.34 per share, suggesting a potential upside of 4.5% from the last closing price [8] Growth Projections - Manulife Financial anticipates that Asia will contribute half of its core earnings by 2025, supported by solid operational results [7] - The Zacks Consensus Estimate projects an 8.6% increase in earnings per share and an 8.5% increase in revenues for 2026 compared to 2025 estimates [10] - Analyst sentiment is optimistic, with one of two analysts raising 2026 estimates in the past 30 days, resulting in a 2.5% increase in the consensus estimate for 2026 earnings [11] Financial Efficiency - MFC's return on equity over the trailing 12 months is 16.1%, surpassing the industry average of 15.4%, indicating effective utilization of shareholders' funds [12] - The company has maintained a free cash flow conversion rate of over 100% in recent quarters, reflecting strong earnings [16] Strategic Initiatives - MFC is expanding its Wealth and Asset Management business, focusing on long-term investments in Europe and the broader EMEA region [14] - The company aims for a medium-term dividend payout ratio of 35-45%, supported by a seven-year compound annual growth rate (CAGR) of 10% in dividends [15] - MFC is targeting a leverage ratio of 25% while strengthening its balance sheet [16] Investment Appeal - MFC's consistent wealth distribution and favorable return on equity position it as an attractive option for yield-seeking investors [18] - The company holds a VGM Score of B, indicating strong value, growth, and momentum compared to peers [18] - With positive analyst sentiment and growth estimates, MFC is positioned as a potential investment opportunity [19]

Core Insights - Manulife Financial Corporation reported third-quarter 2025 core earnings of 84 cents per share, exceeding the Zacks Consensus Estimate by 13.5% and reflecting a 15% year-over-year improvement [2][3] - The company's core earnings totaled $1.4 billion (C$2 billion), marking a 7.6% increase year over year, driven by strong growth in Global Wealth and Asset Management (WAM), Asia, and Canada [3] - New business value (NBV) for the quarter was $657 million (C$906 million), up 6.3% year over year, attributed to higher sales volumes in Asia, Canada, and the U.S. division [4] Financial Performance - Wealth and asset management assets under management and administration reached $774 billion (C$1,066 billion), a 9.6% increase year over year, despite net outflows of $4.5 billion (C$6.2 billion) [5] - Core return on equity improved by 150 basis points year over year to 18.1% [5] - Adjusted book value per common share rose to $38.22, reflecting a 12% year-over-year increase [6] Segment Performance - Global WAM's core earnings were $381 million (C$525 million), up 9% year over year, driven by higher net fee income and performance fees [7] - Asia division's core earnings reached $550 million, a 29% increase year over year, supported by improved insurance experience and business growth [8] - Canada division's core earnings were $310 million (C$428 million), up 2.6% year over year, driven by higher investment spreads and business growth in group insurance [9] - The U.S. division reported core earnings of $241 million, down 20% year over year, primarily due to unfavorable life insurance claims [10] Market Outlook - Analysts have not issued any earnings estimate revisions in the last two months, indicating a stable outlook [12] - Manulife holds a Zacks Rank 2 (Buy), suggesting an expectation of above-average returns in the coming months [14] - The company is positioned within the Zacks Insurance - Life Insurance industry, which has shown positive performance, with peers like Reinsurance Group gaining 6.6% over the past month [15]

Core Insights - Global dealmaking activity is increasing, benefiting major investment banks like Goldman Sachs (GS) and Morgan Stanley (MS), raising the question of which stock has more upside potential [1] Strategic Shifts - Goldman Sachs is focusing on its core strengths in investment banking and trading while reducing its consumer banking presence, including divesting its Polish asset management firm and selling various consumer finance units [2][3] - Morgan Stanley is decreasing its reliance on capital markets for income by expanding its wealth and asset management operations through strategic acquisitions, which has diversified its revenue streams [4] Financial Performance - Both firms faced challenges in 2022 and 2023 due to a slowdown in deal activity, but 2024 showed a recovery with increased investment banking revenues [5] - Goldman Sachs reported investment banking fees of $6.8 billion, a 19% year-over-year increase in the first nine months of 2025, while Morgan Stanley's investment banking fees grew 14% in the same period [6][7] Capital Return Strategies - Both banks passed the Federal Reserve's 2025 stress test, allowing them to return excess capital to shareholders through dividends and share repurchases [10] - Morgan Stanley raised its quarterly dividend by 8% to $1.00 per share, while Goldman increased its dividend by 33% to $4 per share, with respective annualized growth rates of 20.35% and 21.85% [11] Stock Performance and Valuation - Over the past three months, Goldman shares increased by 7.6%, while Morgan Stanley shares rose by 11.4%, outperforming the Zacks Investment Bank industry, which was up 3% [14] - Goldman has a trailing 12-month price-to-earnings (P/E) ratio of 14.78X, compared to Morgan Stanley's 16.11X, indicating a valuation advantage for Goldman [15] Earnings Estimates - The Zacks Consensus Estimate for Goldman's 2025 and 2026 earnings suggests year-over-year increases of 20.6% and 12.2%, respectively, while Morgan Stanley's estimates imply increases of 22.7% and 5.8% [15][21] Final Analysis - Morgan Stanley is positioned for more attractive upside due to its strategic focus, earnings growth trajectory, and shareholder-friendly practices, while Goldman Sachs is more sensitive to capital market cycles [22][23]

Core Viewpoint - Morgan Stanley's shares have increased by 31.6% year-to-date, outperforming the industry, Zacks Finance sector, and S&P 500, although it has underperformed compared to Goldman Sachs [1] Group 1: M&A Activity and Market Position - Bullish investor sentiment towards Morgan Stanley is largely driven by a rebound in global mergers and acquisitions (M&A), with significant deal-making activity observed in Q3 2025 [5] - The company's focus on wealth and asset management has reduced its reliance on capital markets for income generation, with acquisitions like Eaton Vance, E*Trade Financial, and Shareworks enhancing its diversification efforts [7][8] - The Wealth Management segment's total client assets have seen a five-year CAGR of 18.1%, while the Investment Management segment's total assets under management have a CAGR of 24.7% [9] Group 2: Financial Performance and Strategic Collaborations - Morgan Stanley's Asia region revenues increased by 29% year-over-year to $7.27 billion in the first nine months of 2025, supported by strong client activity [12] - The company has a robust balance sheet with long-term debt of $324.1 billion and average liquidity resources of $368.1 billion as of September 30, 2025 [13] - Following the 2025 stress test, Morgan Stanley announced an 8% increase in its quarterly dividend to $1.00 per share and reauthorized a share repurchase program of up to $20 billion [14][15] Group 3: Analyst Estimates and Valuation - The Zacks Consensus Estimate for Morgan Stanley's earnings in 2025 and 2026 has been revised upward to $9.76 and $10.32, implying year-over-year growth of 22.8% and 5.8%, respectively [16][18] - Morgan Stanley's stock is currently trading at a forward P/E of 16.11X, which is above the industry's 14.09X and higher than peers like JPMorgan and Goldman Sachs [19][22] - The company's return on equity (ROE) stands at 16.4%, outperforming the industry's ROE of 12.51% [23]

Core Insights - Manulife Financial Corporation (MFC) reported third-quarter 2025 core earnings of 84 cents per share, exceeding the Zacks Consensus Estimate by 13.5% and reflecting a 15% year-over-year improvement [1][9]. Financial Performance - Core earnings reached $1.4 billion (C$2 billion), marking a 7.6% increase year over year, driven by strong growth in Global Wealth and Asset Management (WAM), Asia, and Canada, alongside a release in expected credit loss (ECL) provision [2][9]. - New business value (NBV) for the quarter was $657 million (C$906 million), up 6.3% year over year, attributed to higher sales volumes in Asia, Canada, and the U.S. division [3]. - Annualized premium equivalent (APE) sales increased by 8% year over year, supported by higher sales in Asia, Canada, and the U.S. division [3][9]. - Wealth and asset management assets under management and administration totaled $774 billion (C$1,066 billion), reflecting a 9.6% year-over-year increase [4]. Segment Performance - Global WAM's core earnings were $381 million (C$525 million), up 9% year over year, driven by higher net fee income and performance fees [6]. - The Asia division reported core earnings of $550 million, a 29% increase year over year, due to continued business growth and improved insurance experience [7]. - The Canada division's core earnings were $310 million (C$428 million), up 2.6% year over year, driven by higher investment spreads and business growth in group insurance [8]. - The U.S. division's core earnings decreased by 20% year over year to $241 million, primarily due to unfavorable life insurance claims experience [9]. Key Metrics - Core return on equity expanded by 150 basis points year over year to 18.1% [4][9]. - Adjusted book value per common share increased by 12% year over year to $38.22 [5].

A Partnership for Now and the Future Fifth Third Investor Presentation October 6, 2025 ibdroot\projects\IBD-NY\burger2025\973442_1\Presentations\05. Investor Presentation\PPT\Express_2.0_v2 - From FITB_v01.pptx 1 Disclaimer FORWARD-LOOKING STATEMENTS This communication contains statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and ...