Manulife Financial (TSE:MFC) Director Kenneth Michael Ross Sells 711 Shares

Key Points

• Director Kenneth Michael Ross of Manulife Financial sold 711 shares at an average price of C$30.39, reducing his ownership by 34.84% to 1,330 shares.
• Manulife Financial declared a quarterly dividend of $0.44, resulting in an annualized dividend of $1.76 with a dividend yield of 4.0%.
• Analysts have mixed views on Manulife's stock, with Barclays raising the price target to C$47.00 while National Bankshares and Royal Bank of Canada lowered their targets to C$47.00 and C$49.00, respectively.

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC Director Kenneth Michael Ross sold 711 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of C$30.39, for a total value of C$21,607.29. Following the transaction, the director directly owned 1,330 shares in the company, valued at C$40,418.70. This represents a 34.84% decrease in their position.

Kenneth Michael Ross also recently made the following trade(s):

• On Tuesday, August 19th, Kenneth Michael Ross sold 446 shares of Manulife Financial stock. The shares were sold at an average price of C$41.94, for a total value of C$18,706.53.

Manulife Financial Stock Up 1.3%

Shares of TSE:MFC traded up C$0.57 during midday trading on Friday, reaching C$43.86. 4,670,177 shares of the company traded hands, compared to its average volume of 7,502,698. Manulife Financial Co. has a 12 month low of C$36.93 and a 12 month high of C$46.42. The firm has a market capitalization of C$74.50 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.01 and a beta of 0.98. The firm's fifty day moving average price is C$42.35 and its two-hundred day moving average price is C$42.54.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 19th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Wednesday, August 20th. Manulife Financial's dividend payout ratio is currently 54.19%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Royal Bank Of Canada decreased their target price on Manulife Financial from C$51.00 to C$49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. National Bankshares decreased their target price on Manulife Financial from C$48.00 to C$47.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Finally, Barclays upped their target price on Manulife Financial from C$46.00 to C$47.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Manulife Financial has a consensus rating of "Moderate Buy" and a consensus target price of C$47.75.

About Manulife Financial

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada's Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2021, Manulife reported assets under management or administration of about CAD $1.4 trillion.