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

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares reached a new 52-week high during trading on Thursday after the company announced a dividend. The stock 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. Stockholders 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 4.64%. Manulife Financial’s payout ratio is currently 61.30%.

Wall Street Analysts Forecast Growth

MFC has been the subject of several analyst reports. TD Securities cut Manulife Financial from an “action list buy” rating to a “buy” rating and upped their price target for the stock from C$35.00 to C$37.00 in a research note on Wednesday, February 21st. CIBC upped their price target on Manulife Financial from C$30.00 to C$34.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. BMO Capital Markets increased their price objective on Manulife Financial from C$35.00 to C$40.00 in a research report on Monday, April 8th. Veritas Investment Research reiterated a “reduce” rating on shares of Manulife Financial in a research report on Friday, February 16th. Finally, National Bankshares increased their price objective on Manulife Financial from C$33.00 to C$34.00 and gave the stock a “sector perform” rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$36.40.

Manulife Financial Trading Up 2.5 %

The company has a quick ratio of 2.58, a current ratio of 3.79 and a debt-to-equity ratio of 45.69. The firm has a market cap of C$62.01 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 12.56 and a beta of 1.09. The business has a 50 day moving average of C$32.58 and a 200 day moving average of C$29.74.

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 return on equity of 11.57% and a net margin of 20.05%. The firm had revenue of C$14.92 billion for the quarter, compared to analyst estimates of C$10.24 billion. On average, research analysts forecast that Manulife Financial Co. will post 3.6797312 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Brooks Tingle sold 3,317 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value of C$108,664.92. In other news, Senior Officer Steve Finch sold 10,294 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value of C$337,231.44. Also, Director Brooks Tingle sold 3,317 shares of the firm’s stock in a transaction dated 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.

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.