Manulife Financial Co. Declares Quarterly Dividend of $0.29 (NYSE:MFC)

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors of record on Wednesday, May 22nd will be paid a dividend of 0.29 per share by the financial services provider on Wednesday, June 19th. This represents a $1.16 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Tuesday, May 21st.

Manulife Financial has raised its dividend by an average of 9.2% per year over the last three years and has raised its dividend every year for the last 2 years. Manulife Financial has a dividend payout ratio of 40.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Manulife Financial to earn $2.93 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 40.3%.

Manulife Financial Price Performance

MFC stock traded up $0.26 during mid-day trading on Friday, reaching $25.99. 1,265,719 shares of the company traded hands, compared to its average volume of 3,182,677. The company has a market capitalization of $46.67 billion, a P/E ratio of 13.47, a P/E/G ratio of 0.89 and a beta of 1.08. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $26.16. The company has a fifty day moving average price of $23.99 and a 200-day moving average price of $21.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The company had revenue of $10.96 billion during the quarter, compared to analyst estimates of $7.57 billion. As a group, analysts forecast that Manulife Financial will post 2.7 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on MFC. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday. Jefferies Financial Group began coverage on Manulife Financial in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. Finally, Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

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.