Manulife Financial (TSE:MFC) Hits New 12-Month High After Dividend Announcement

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as C$42.76 and last traded at C$42.54, with a volume of 167406 shares traded. The stock had previously closed at C$41.49.

The newly announced dividend which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.67%. Manulife Financial’s dividend payout ratio (DPR) is presently 68.09%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MFC. Scotiabank increased their price objective on shares of Manulife Financial from C$41.00 to C$48.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. TD Securities upped their price objective on Manulife Financial from C$40.00 to C$41.00 in a report on Friday, July 12th. Royal Bank of Canada upped their price target on Manulife Financial from C$38.00 to C$39.00 in a research note on Friday, August 9th. CIBC boosted their price objective on shares of Manulife Financial from C$36.00 to C$42.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, National Bankshares increased their target price on shares of Manulife Financial from C$38.00 to C$43.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and an average target price of C$40.82.

Manulife Financial Stock Up 5.0 %

The firm has a 50-day moving average price of C$39.84 and a two-hundred day moving average price of C$36.88. The company has a market capitalization of C$77.12 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 1.01 and a beta of 1.06. The company has a debt-to-equity ratio of 49.60, a current ratio of 36.68 and a quick ratio of 2.58.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.88 by C$0.03. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. The company had revenue of C$12.88 billion for the quarter, compared to the consensus estimate of C$12.27 billion. As a group, sell-side analysts anticipate that Manulife Financial Co. will post 3.6104452 earnings per share for the current fiscal year.

Insider Activity at Manulife Financial

In related news, Director Tin Ku sold 2,166 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total transaction of C$81,116.70. Following the completion of the transaction, the director now directly owns 253 shares of the company’s stock, valued at approximately C$9,474.85. This represents a 0.00 % decrease in their ownership of the stock. In related news, Senior Officer Steve Finch sold 11,599 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$35.73, for a total value of C$414,439.23. Also, Director Tin Ku sold 2,166 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$37.45, for a total value of C$81,116.70. Following the transaction, the director now directly owns 253 shares in the company, valued at approximately C$9,474.85. This trade represents a 0.00 % decrease in their position. Over the last 90 days, insiders sold 68,821 shares of company stock valued at $2,455,596. Corporate insiders own 0.03% of the company’s stock.

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.