Manulife Financial Co. (NYSE:MFC) to Issue $0.29 Quarterly Dividend

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) declared 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 is Tuesday, May 21st.

Manulife Financial has raised its dividend payment by an average of 9.2% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Manulife Financial has a payout ratio of 40.3% indicating that its dividend is sufficiently covered by earnings. 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 Stock Up 1.0 %

Manulife Financial stock traded up $0.26 during trading on Friday, reaching $25.99. The stock had a trading volume of 1,265,719 shares, compared to its average volume of 3,182,677. Manulife Financial has a 52-week low of $17.07 and a 52-week high of $26.16. The business has a 50 day moving average price of $23.99 and a 200 day moving average price of $21.98. The stock has a market cap of $46.67 billion, a PE ratio of 13.47, a P/E/G ratio of 0.89 and a beta of 1.08.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MFC shares. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. Jefferies Financial Group assumed coverage on shares of Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating on the stock. Finally, National Bank Financial upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial presently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

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.