Manulife Financial Co. (NYSE:MFC) Increases Dividend to $0.31 Per Share

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Wednesday, March 5th will be paid a dividend of 0.3094 per share by the financial services provider on Wednesday, March 19th. This represents a $1.24 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30.

Manulife Financial has raised its dividend by an average of 11.0% per year over the last three years and has raised its dividend every year for the last 11 years. Manulife Financial has a dividend payout ratio of 35.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Manulife Financial to earn $3.15 per share next year, which means the company should continue to be able to cover its $1.11 annual dividend with an expected future payout ratio of 35.2%.

Manulife Financial Price Performance

Shares of MFC stock opened at $30.36 on Friday. The stock has a market cap of $52.32 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. The stock has a 50-day moving average of $30.32 and a 200-day moving average of $29.75. Manulife Financial has a one year low of $22.61 and a one year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.67 by $0.07. The firm had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, research analysts anticipate that Manulife Financial will post 2.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada lifted their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Company Profile

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.