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

Manulife Financial Co. (TSE:MFC) (NYSE:MFC)’s stock price hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as C$42.76 and last traded at C$42.54, with a volume of 167406 shares. The stock had previously closed at C$41.49.

The newly announced dividend which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.67%. Manulife Financial’s dividend payout ratio (DPR) is presently 68.09%.

Analyst Upgrades and Downgrades

MFC has been the subject of several research analyst reports. National Bankshares boosted their price objective on shares of Manulife Financial from C$38.00 to C$43.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Jefferies Financial Group raised their price objective on Manulife Financial from C$42.00 to C$47.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Royal Bank of Canada lifted their target price on Manulife Financial from C$38.00 to C$39.00 in a research report on Friday, August 9th. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, CIBC lifted their price target on shares of Manulife Financial from C$36.00 to C$42.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of C$40.82.

Manulife Financial Stock Up 5.0 %

The company has a market cap of C$77.12 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 1.01 and a beta of 1.06. The stock’s 50-day moving average is C$39.84 and its 200-day moving average is C$36.88. The company has a current ratio of 36.68, a quick ratio of 2.58 and a debt-to-equity ratio of 49.60.

Manulife Financial (TSE:MFC) (NYSE:MFC) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.91 earnings per share for the quarter, beating the consensus estimate of C$0.88 by C$0.03. The firm had revenue of C$12.88 billion for the quarter, compared to analyst estimates of C$12.27 billion. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. On average, analysts anticipate that Manulife Financial Co. will post 3.6104452 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total value of C$81,116.70. Following the completion of the sale, the director now owns 253 shares of the company’s stock, valued at approximately C$9,474.85. This trade represents a 0.00 % decrease in their position. In other news, Senior Officer Steve Finch sold 11,599 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of C$35.73, for a total value of C$414,439.23. Also, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$37.45, for a total value of C$81,116.70. Following the transaction, the director now directly owns 253 shares in the company, valued at approximately C$9,474.85. The trade was a 0.00 % decrease in their position. In the last three months, insiders have sold 68,821 shares of company stock valued at $2,455,596. 0.03% of the stock is owned by company 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.