Manulife Financial Co. (NYSE:MFC) to Issue Quarterly Dividend of $0.26

Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) declared a quarterly dividend on Wednesday, May 11th, Zacks reports. Shareholders of record on Wednesday, May 25th will be paid a dividend of 0.257 per share by the financial services provider on Monday, June 20th. This represents a $1.03 annualized dividend and a yield of 6.13%. The ex-dividend date of this dividend is Tuesday, May 24th.

Manulife Financial has increased its dividend by an average of 9.9% per year over the last three years and has raised its dividend every year for the last 1 years. Manulife Financial has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Manulife Financial to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 35.9%.

Shares of Manulife Financial stock opened at $16.76 on Friday. Manulife Financial has a 1 year low of $16.63 and a 1 year high of $22.19. The company has a market capitalization of $32.33 billion, a P/E ratio of 4.51, a PEG ratio of 0.69 and a beta of 1.22. The company’s fifty day moving average is $20.35 and its two-hundred day moving average is $20.01.

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) last issued its earnings results on Wednesday, February 9th. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.02. The firm had revenue of $17.14 billion during the quarter. During the same quarter last year, the firm posted $0.57 earnings per share. As a group, sell-side analysts anticipate that Manulife Financial will post 2.75 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allianz Asset Management GmbH grew its position in shares of Manulife Financial by 60.4% during the fourth quarter. Allianz Asset Management GmbH now owns 5,902,069 shares of the financial services provider’s stock worth $112,651,000 after acquiring an additional 2,222,293 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Manulife Financial by 6.2% during the 4th quarter. Parametric Portfolio Associates LLC now owns 1,437,738 shares of the financial services provider’s stock valued at $27,418,000 after purchasing an additional 83,777 shares in the last quarter. BlackRock Inc. lifted its stake in Manulife Financial by 10.1% during the first quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock valued at $18,753,000 after buying an additional 80,450 shares in the last quarter. Peapack Gladstone Financial Corp purchased a new stake in Manulife Financial during the fourth quarter valued at about $496,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Manulife Financial in the fourth quarter worth approximately $461,000. 47.04% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently commented on MFC. National Bank Financial reduced their price objective on shares of Manulife Financial from C$28.00 to C$26.00 in a research note on Thursday. BMO Capital Markets cut shares of Manulife Financial from an “outperform” rating to a “market perform” rating in a research note on Thursday. Barclays initiated coverage on shares of Manulife Financial in a research note on Thursday, February 3rd. They issued an “overweight” rating and a $36.00 price objective for the company. TD Securities cut their target price on shares of Manulife Financial from C$37.00 to C$34.00 in a research report on Thursday. Finally, Zacks Investment Research restated a “hold” rating on shares of Manulife Financial in a research report on Thursday, March 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $29.90.

Manulife Financial Company Profile (Get Rating)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

See Also

Dividend History for Manulife Financial (NYSE:MFC)

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