Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) announced a quarterly dividend on Wednesday, May 11th, Zacks reports. Stockholders of record on Wednesday, May 25th will be given a dividend of 0.257 per share by the financial services provider on Monday, June 20th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 6.13%. The ex-dividend date of this dividend is Tuesday, May 24th.
Manulife Financial has increased its dividend by an average of 9.9% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Manulife Financial has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Manulife Financial to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 35.9%.
MFC stock opened at $16.76 on Friday. Manulife Financial has a 1 year low of $16.63 and a 1 year high of $22.19. The firm has a 50-day moving average of $20.35 and a 200 day moving average of $20.01. The company has a market cap of $32.33 billion, a P/E ratio of 4.51, a PEG ratio of 0.69 and a beta of 1.22.
A number of analysts have issued reports on MFC shares. Scotiabank reduced their price target on shares of Manulife Financial from C$30.00 to C$28.00 in a report on Monday, May 2nd. BMO Capital Markets downgraded shares of Manulife Financial from an “outperform” rating to a “market perform” rating in a report on Thursday. National Bank Financial dropped their price objective on shares of Manulife Financial from C$28.00 to C$26.00 in a research note on Thursday. Barclays started coverage on shares of Manulife Financial in a research note on Thursday, February 3rd. They set an “overweight” rating and a $36.00 price target for the company. Finally, TD Securities dropped their price target on shares of Manulife Financial from C$37.00 to C$34.00 in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $29.90.
Hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH boosted its holdings in shares of Manulife Financial by 60.4% in the 4th quarter. Allianz Asset Management GmbH now owns 5,902,069 shares of the financial services provider’s stock valued at $112,651,000 after acquiring an additional 2,222,293 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Manulife Financial by 0.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,960,281 shares of the financial services provider’s stock valued at $37,101,000 after acquiring an additional 10,548 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Manulife Financial by 6.2% in the 4th quarter. Parametric Portfolio Associates LLC now owns 1,437,738 shares of the financial services provider’s stock valued at $27,418,000 after acquiring an additional 83,777 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Manulife Financial by 10.1% in the 1st quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock valued at $18,753,000 after acquiring an additional 80,450 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Manulife Financial by 40.0% during the fourth quarter. Advisors Asset Management Inc. now owns 43,810 shares of the financial services provider’s stock worth $835,000 after buying an additional 12,517 shares in the last quarter. 47.04% of the stock is currently owned by institutional investors and hedge funds.
Manulife Financial Company Profile (Get Rating)
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.
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