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. Shareholders 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 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29.

Manulife Financial has increased its dividend payment by an average of 9.2% per year over the last three years and has increased its dividend every year for the last 11 years. Manulife Financial has a payout ratio of 40.5% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 1.5 %

Shares of NYSE:MFC traded down $0.49 during midday trading on Friday, reaching $31.80. The company’s stock had a trading volume of 252,705 shares, compared to its average volume of 2,530,618. The firm has a market capitalization of $55.93 billion, a PE ratio of 18.66, a P/E/G ratio of 1.08 and a beta of 1.08. The stock has a fifty day moving average of $29.21 and a 200 day moving average of $26.96. Manulife Financial has a twelve month low of $18.42 and a twelve month high of $32.94.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.27. The business had revenue of $9.41 billion during the quarter, compared to analysts’ expectations 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. Sell-side analysts anticipate that Manulife Financial will post 2.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on MFC. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays initiated coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average 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.