Manulife Financial Co. (NYSE:MFC) Announces Quarterly Dividend of $0.26

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) declared a quarterly dividend on Wednesday, November 8th, Zacks reports. Shareholders of record on Wednesday, November 22nd will be paid a dividend of 0.263 per share by the financial services provider on Tuesday, December 19th. This represents a $1.05 annualized dividend and a yield of 5.48%. The ex-dividend date is Tuesday, November 21st.

Manulife Financial has raised its dividend by an average of 10.8% 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 41.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Manulife Financial to earn $2.62 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 41.2%.

Manulife Financial Stock Up 2.0 %

NYSE MFC opened at $19.18 on Monday. The firm has a market cap of $34.76 billion, a P/E ratio of 9.59, a P/E/G ratio of 0.77 and a beta of 1.08. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $20.40. The business’s 50-day moving average price is $18.38 and its 200 day moving average price is $18.76.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MFC. BlackRock Inc. increased its stake in 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 purchasing an additional 80,450 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Manulife Financial by 7.9% in the first quarter. Raymond James Trust N.A. now owns 27,503 shares of the financial services provider’s stock valued at $587,000 after buying an additional 2,013 shares in the last quarter. Cetera Investment Advisers acquired a new position in shares of Manulife Financial during the 1st quarter worth $428,000. Moors & Cabot Inc. boosted its position in shares of Manulife Financial by 2.3% in the 1st quarter. Moors & Cabot Inc. now owns 43,078 shares of the financial services provider’s stock worth $920,000 after buying an additional 956 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in Manulife Financial by 32.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 14,560 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 3,585 shares in the last quarter. 45.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on MFC. TheStreet cut Manulife Financial from a “b” rating to a “c+” rating in a research note on Thursday. Royal Bank of Canada raised their target price on shares of Manulife Financial from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, November 10th. Barclays lifted their target price on shares of Manulife Financial from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Friday, August 11th. Finally, StockNews.com started coverage on shares of Manulife Financial in a report on Thursday, October 5th. They set a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Manulife Financial currently has a consensus rating of “Hold” and an average target price of $30.43.

Manulife Financial Company Profile

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 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.