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

Manulife Financial Co. (TSE:MFC - Get Free Report) NYSE: MFC shares reached a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as C$34.51 and last traded at C$34.45, with a volume of 889149 shares trading hands. 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 dividend on an annualized basis and a dividend yield of 4.55%. Manulife Financial's payout ratio is currently 61.30%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Royal Bank of Canada lifted their price target on Manulife Financial from C$34.00 to C$38.00 and gave the company an "outperform" rating in a research report on Friday, February 16th. Evercore increased their price target on shares of Manulife Financial from C$30.00 to C$36.00 in a report on Tuesday, February 20th. Desjardins upgraded shares of Manulife Financial from a "hold" rating to a "buy" rating and upped their price objective for the stock from C$29.00 to C$36.00 in a research report on Friday, February 16th. CIBC raised their target price on Manulife Financial from C$30.00 to C$34.00 and gave the company a "neutral" rating in a research report on Friday, February 16th. Finally, Scotiabank upped their price target on Manulife Financial from C$35.00 to C$40.00 and gave the stock an "outperform" rating in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Manulife Financial has an average rating of "Moderate Buy" and a consensus target price of C$36.90.

Manulife Financial Price Performance

The stock has a 50 day moving average price of C$32.61 and a 200-day moving average price of C$29.76. 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 stock has a market capitalization of C$63.34 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 12.56 and a beta of 1.09.

Manulife Financial (TSE:MFC - Get Free Report) NYSE: MFC last announced its earnings results on Wednesday, February 14th. The financial services provider reported C$0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.84 by C$0.08. The company had revenue of C$14.92 billion for the quarter, compared to analysts' expectations of C$10.24 billion. Manulife Financial had a net margin of 20.05% and a return on equity of 11.57%. On average, analysts forecast that Manulife Financial Co. will post 3.6797312 earnings per share for the current year.

Insider Buying and Selling at Manulife Financial

In other news, Senior Officer Steve Finch sold 10,294 shares of the company's stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of C$32.76, for a total value of C$337,231.44. In other news, Senior Officer Steve Finch sold 10,294 shares of the business's stock in a transaction dated 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 firm's 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. 0.02% of the stock is owned by insiders.

Manulife Financial Company Profile

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.