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

Shares of Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as C$34.51 and last traded at C$34.45, with a volume of 889149 shares trading hands. The stock had previously closed at C$33.60.

The newly announced dividend which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.55%. Manulife Financial’s payout ratio is currently 61.30%.

Analyst Ratings Changes

MFC has been the topic of a number of recent research reports. BMO Capital Markets increased their price target on Manulife Financial from C$35.00 to C$40.00 in a research report on Monday, April 8th. Veritas Investment Research reissued a “reduce” rating on shares of Manulife Financial in a research report on Friday, February 16th. CIBC boosted their price target on shares of Manulife Financial from C$30.00 to C$34.00 and gave the company a “neutral” rating in a report on Friday, February 16th. National Bankshares upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from C$34.00 to C$38.00 in a research note on Thursday. Finally, Evercore boosted their price objective on shares of Manulife Financial from C$30.00 to C$36.00 in a research note on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$36.90.

Manulife Financial Trading Up 4.7 %

The company has a 50 day moving average of C$32.61 and a two-hundred day moving average of C$29.76. The stock has a market capitalization of C$63.34 billion, a PE ratio of 13.48, a P/E/G ratio of 12.56 and a beta of 1.09. The company has a debt-to-equity ratio of 45.69, a quick ratio of 2.58 and a current ratio of 3.79.

Manulife Financial (TSE:MFC) (NYSE:MFC) last released its earnings results on Wednesday, February 14th. The financial services provider reported C$0.92 earnings per share for the quarter, topping the consensus estimate of C$0.84 by C$0.08. Manulife Financial had a net margin of 20.05% and a return on equity of 11.57%. The company had revenue of C$14.92 billion for the quarter, compared to the consensus estimate of C$10.24 billion. Sell-side analysts predict that Manulife Financial Co. will post 3.6797312 EPS for the current year.

Insider Activity

In other news, Director Brooks Tingle sold 3,317 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$108,664.92. In other Manulife Financial news, Director Brooks Tingle sold 3,317 shares of Manulife Financial stock in a transaction on Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$108,664.92. Also, Senior Officer Steve Finch sold 10,294 shares of Manulife Financial stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of C$32.76, for a total value of C$337,231.44. Corporate insiders own 0.02% of the company’s stock.

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.