Steve Finch of Manulife Financial Sells Shares

On February 24, Steve Finch, a senior officer at Manulife Financial Co. (TSE:MFC - Get Free Report), sold 11,598 shares of the company's stock. The shares were offloaded at an average price of C$43.43, resulting in a total transaction value of C$503,646.63.

Current Stock Performance of Manulife Financial

During mid-day trading on Friday, shares of TSE:MFC experienced a slight increase, rising by C$0.05 to reach C$44.47. A total of 588,000 shares changed hands, which is lower than the company's average trading volume of 5,549,715 shares. As of now, Manulife Financial boasts a market capitalization of C$78 billion, a P/E ratio standing at 13.84, a PEG ratio of 1.01, and a beta of 1.06. The company’s share prices have fluctuated in the last year, marking a low of C$31.24 and a peak of C$46.42. The 50-day simple moving average is noted at C$43.53, while the 200-day average sits at C$41.87.

Dividend Increase Announcement

In its latest announcements, Manulife Financial has declared a quarterly dividend scheduled for payment on March 19. Shareholders registered by March 5 will receive a dividend of $0.44 per share, reflecting an increase from the previous dividend of $0.40. The annualized dividend now stands at $1.76, translating to a dividend yield of 3.96%. The company's dividend payout ratio (DPR) is currently at 49.79%.

Analyst Insights and Ratings Changes

Several analysts have recently revised their recommendations regarding Manulife Financial. CIBC raised its price target from C$47.00 to C$48.00 in a report issued on February 21. Similarly, TD Securities adjusted its price target from C$48.00 to C$49.00 while maintaining a "buy" rating. Barclays also noted an increase in their price target from C$40.00 to C$47.00 in early January. Cormark upgraded its forecast as well, revising the price target from C$47.00 to C$48.00. Additionally, Jefferies Financial Group set an increased price target of C$51.00 in late January. Among analysts, two have recommended holding the stock, four have rated it as a buy, and one has designated it as a strong buy. Overall, the consensus recommends a "Moderate Buy" with an average price target of C$45.60.

Company Overview of Manulife Financial

Manulife Financial Corporation, along with its subsidiaries, provides a variety of financial products and services internationally. The company operates under multiple segments, including Wealth and Asset Management, Insurance and Annuity Products, and Corporate and Other segments. The Wealth and Asset Management business provides investment solutions and advice for retirement, retail, and institutional clients through diverse distribution channels that include affiliated agents, independent brokers, and financial advisors.

Manulife, Stock, Dividend