Manulife Financial Co. (MFC) To Go Ex-Dividend on March 5th

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Stockholders of record on Wednesday, March 5th will be paid a dividend of 0.3094 per share by the financial services provider on Wednesday, March 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30.

Manulife Financial has increased its dividend payment by an average of 11.0% annually over the last three years and has raised its dividend every year for the last 11 years. Manulife Financial has a dividend payout ratio of 35.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Manulife Financial to earn $3.15 per share next year, which means the company should continue to be able to cover its $1.11 annual dividend with an expected future payout ratio of 35.2%.

Manulife Financial Stock Down 4.6 %

Shares of NYSE MFC opened at $30.36 on Friday. Manulife Financial has a 12-month low of $22.61 and a 12-month high of $33.07. The firm’s 50-day simple moving average is $30.32 and its 200 day simple moving average is $29.75. The company has a market cap of $52.32 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. The company had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. On average, equities analysts expect that Manulife Financial will post 2.87 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada lifted their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $45.50.

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.