Manulife Financial Co. (NYSE:MFC) Increases Dividend to $0.30 Per Share

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) announced a quarterly dividend on Wednesday, November 6th,Zacks Dividends reports. Investors of record on Wednesday, November 20th will be paid a dividend of 0.296 per share by the financial services provider on Thursday, December 19th. This represents a $1.18 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend is Wednesday, November 20th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29.

Manulife Financial has increased its dividend by an average of 9.2% 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 40.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Manulife Financial to earn $2.96 per share next year, which means the company should continue to be able to cover its $1.18 annual dividend with an expected future payout ratio of 39.9%.

Manulife Financial Price Performance

Shares of NYSE:MFC traded down $0.54 during trading on Friday, reaching $31.75. 224,901 shares of the company’s stock traded hands, compared to its average volume of 2,530,074. The company has a 50 day moving average of $29.21 and a 200-day moving average of $26.96. The stock has a market capitalization of $55.85 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 1.08 and a beta of 1.08. Manulife Financial has a 12 month low of $18.42 and a 12 month high of $32.94.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The company had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same quarter in the previous year, the firm posted $0.62 EPS. Equities research analysts predict that Manulife Financial will post 2.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on MFC. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays began coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $35.67.

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.