Manulife Financial (TSE:MFC) Hits New 52-Week High Following Dividend Announcement

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) hit a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as C$34.51 and last traded at C$34.45, with a volume of 889149 shares traded. The stock had previously closed at C$33.60.

The newly announced dividend which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.55%. Manulife Financial’s dividend payout ratio is currently 61.30%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MFC shares. Royal Bank of Canada raised their target price on shares of Manulife Financial from C$34.00 to C$38.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Veritas Investment Research restated a “reduce” rating on shares of Manulife Financial in a research report on Friday, February 16th. Scotiabank lifted their price target on shares of Manulife Financial from C$35.00 to C$40.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating and raised their price objective for the stock from C$29.00 to C$36.00 in a research note on Friday, February 16th. Finally, CIBC lifted their price objective on Manulife Financial from C$30.00 to C$34.00 and gave the company a “neutral” rating in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and a consensus target price of C$36.90.

Manulife Financial Stock Performance

The stock has a 50 day moving average of C$32.61 and a 200 day moving average of C$29.76. The company has a market capitalization of C$63.34 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 12.56 and a beta of 1.09. The company has a quick ratio of 2.58, a current ratio of 3.79 and a debt-to-equity ratio of 45.69.

Manulife Financial (TSE:MFC) (NYSE:MFC) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported C$0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.84 by C$0.08. Manulife Financial had a net margin of 20.05% and a return on equity of 11.57%. The firm had revenue of C$14.92 billion for the quarter, compared to the consensus estimate of C$10.24 billion. As a group, analysts predict that Manulife Financial Co. will post 3.6797312 EPS for the current year.

Insider Activity at Manulife Financial

In other Manulife Financial news, Senior Officer Steve Finch sold 10,294 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value of C$337,231.44. In other Manulife Financial news, Senior Officer Steve Finch sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total transaction of C$337,231.44. Also, Director Brooks Tingle sold 3,317 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$108,664.92. 0.02% of the stock is owned by corporate insiders.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, 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 offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.