Manulife Financial (TSE:MFC) Reaches New 52-Week High Following Dividend Announcement

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as C$42.76 and last traded at C$42.54, with a volume of 167406 shares trading hands. The stock had previously closed at C$41.49.

The newly announced dividend which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued 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 is currently 68.09%.

Analyst Ratings Changes

MFC has been the topic of several recent research reports. TD Securities raised their target price on shares of Manulife Financial from C$40.00 to C$41.00 in a report on Friday, July 12th. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. National Bankshares upped their price objective on shares of Manulife Financial from C$38.00 to C$43.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Royal Bank of Canada raised their target price on shares of Manulife Financial from C$38.00 to C$39.00 in a report on Friday, August 9th. Finally, Scotiabank upped their price target on shares of Manulife Financial from C$41.00 to C$48.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$40.82.

Manulife Financial Trading Up 5.0 %

The business has a fifty day simple moving average of C$39.84 and a 200-day simple moving average of C$36.88. The firm has a market cap of C$77.12 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 1.01 and a beta of 1.06. The company has a debt-to-equity ratio of 49.60, a quick ratio of 2.58 and a current ratio of 36.68.

Manulife Financial (TSE:MFC) (NYSE:MFC) last posted its earnings results on Wednesday, August 7th. The financial services provider reported C$0.91 EPS for the quarter, topping the consensus estimate of C$0.88 by C$0.03. Manulife Financial had a net margin of 17.34% and a return on equity of 10.41%. The business had revenue of C$12.88 billion for the quarter, compared to the consensus estimate of C$12.27 billion. As a group, equities analysts forecast that Manulife Financial Co. will post 3.6104452 earnings per share for the current fiscal year.

Insider Transactions at Manulife Financial

In other Manulife Financial news, Director Matthew Lyman Macinnis sold 6,708 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of C$34.67, for a total transaction of C$232,566.36. In related news, Director Matthew Lyman Macinnis sold 6,708 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of C$34.67, for a total transaction of C$232,566.36. Also, Director Tin Ku sold 2,166 shares of Manulife Financial stock in a transaction that occurred on Thursday, September 5th. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. Over the last 90 days, insiders have sold 68,821 shares of company stock worth $2,455,596. Company insiders own 0.03% of the company’s stock.

About Manulife Financial

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.