Manulife Financial Corp (NYSE:MFC) (TSE:MFC) declared a quarterly dividend on Thursday, November 9th, Wall Street Journal reports. Stockholders of record on Tuesday, November 21st will be given a dividend of 0.1606 per share by the financial services provider on Tuesday, December 19th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Monday, November 20th.
Manulife Financial has increased its dividend payment by an average of 2.9% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Manulife Financial has a dividend payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Manulife Financial to earn $1.95 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 32.8%.
Manulife Financial (NYSE MFC) traded down $0.11 during mid-day trading on Monday, hitting $21.16. The stock had a trading volume of 2,775,444 shares, compared to its average volume of 2,380,416. The firm has a market cap of $42,090.04, a P/E ratio of 12.30, a P/E/G ratio of 1.28 and a beta of 1.33. Manulife Financial has a one year low of $16.62 and a one year high of $21.69.
A number of analysts recently commented on MFC shares. Zacks Investment Research cut shares of Manulife Financial from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. ValuEngine cut shares of Manulife Financial from a “strong-buy” rating to a “buy” rating in a research report on Monday, September 18th. Finally, Morgan Stanley increased their target price on Manulife Financial from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday, October 5th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Manulife Financial currently has a consensus rating of “Buy” and an average target price of $25.00.
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About Manulife Financial
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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