Manulife Financial (TSE:MFC) Sets New 1-Year High Following Dividend Announcement

Manulife Financial Co. (TSE:MFC) (NYSE:MFC) reached a new 52-week high during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as C$34.51 and last traded at C$34.45, with a volume of 889149 shares. 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 paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.64%. Manulife Financial’s dividend payout ratio (DPR) is presently 61.30%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MFC shares. Scotiabank upped their target price on shares of Manulife Financial from C$35.00 to C$40.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. National Bankshares raised their price target on Manulife Financial from C$33.00 to C$34.00 and gave the company a “sector perform” rating in a research report on Friday, April 26th. Evercore raised their price target on Manulife Financial from C$30.00 to C$36.00 in a research note on Tuesday, February 20th. CIBC raised their price target on Manulife Financial from C$30.00 to C$34.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating and raised their price target for the stock from C$29.00 to C$36.00 in a research note on Friday, February 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and an average target price of C$36.40.

Manulife Financial Stock Performance

The firm’s fifty day simple moving average is C$32.58 and its 200 day simple moving average is C$29.74. The company has a debt-to-equity ratio of 45.69, a current ratio of 3.79 and a quick ratio of 2.58. The company has a market capitalization of C$62.01 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 12.56 and a beta of 1.09.

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 analysts’ consensus estimates of C$0.84 by C$0.08. The firm had revenue of C$14.92 billion during the quarter, compared to analyst estimates of C$10.24 billion. Manulife Financial had a net margin of 20.05% and a return on equity of 11.57%. On average, sell-side analysts forecast that Manulife Financial Co. will post 3.6797312 EPS for the current year.

Insiders Place Their Bets

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