Manulife Financial

CA56501R1064

MFC

MFC

$MFC (+1.85%)
Dividend no increase but good results and strong share buybacks

Manulife's Board of Directors today announced a quarterly common stockholder dividend of $0.365 per share on the common stock of Manulife Financial Corporation (the "Company"), payable on December 19, 2023 , to shareholders of record at the close of business on November 22, 2023 .

"Our strong operating and new business results this quarter were driven by growth in Asia with a 33% increase in core net income and a 16% increase in new business.

16% increase in new business year-on-year. We also delivered solid results in global WAM, with sequential growth in core profits

growth in core profits, an improvement in the core EBITDA margin and positive net inflows of USD 5.8 billion over the last three quarters.

quarters. We are in a strong position to weather macroeconomic uncertainties.

We have continued to deploy capital through share buybacks to further enhance shareholder returns. Since the beginning of the year, we have repurchased nearly $1.3 billion

of our common stock repurchased."

key highlights for the third quarter of 2023 ("3Q23") include:

"We delivered core ROE of 16.8% in the third quarter and increased adjusted book value per share4 to $30.67, despite challenging

macroeconomic conditions. Overall, higher interest rates have been and will continue to benefit our underlying businesses and financial performance.

performance. We remain disciplined in our capital and cost management approach, reporting a higher LICAT ratio in the quarter and improving the cost efficiency ratio in

the cost efficiency ratio in 2023."

- Net income attributable to shareholders of $1.0 billion, $0.2 billion more than the transitional net income attributable to

shareholders1 in the third quarter of 2022 ("3Q22") and an increase of USD 0.5 billion compared to net income attributable to shareholders in 3Q

22

Colin Simpson, Chief Financial Officer of Manulife

Results at a glance

- Core net income of $1.7 billion, an increase of 28% on a constant currency basis compared to Q3 22

- Core EPS of $0.92, an increase of 35% compared to $0.68 in Q3 22, and EPS of $0.52 in Q3 23, an increase of 31% compared to transitional EPS

of USD 0.38 in Q3 22 and an increase of 104% compared to earnings per share of USD 0.23 in Q3 22

https://www.manulife.com/en/news/manulife-reports-3q23-net-income-and-core-earnings.html

Has anyone had any experience with Manulife Financial?

Current yield 5.85% with payout ratio of about 35-40% (continuously below 50% since 2018).

Has been paying dividends for 21 years and steadily increasing for 8 years.

Market Cap: $33 billion

P/E ratio of 5 in 2022

Revenue slump from $60 billion (2020) to $47 billion (2021).

Profit growth from USD 4.1 billion (2020) to USD 5.4 billion (2021)

This is truly not a price rocket, but could be interesting for one or the other dividend hunter.

Source: https://seekingalpha.com/symbol/MFC

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As of today, among others, The Coca-Cola Company ($KO (-1.76%)), Ball Corporation ($BLL (+0.48%)), eBay ($EBAY (-0.53%)), Lockheed Martin ($LMT (-0.72%)), Manulife Financial ($MFC (+1.85%)), McDonald's ($MCD (+0.17%)), McKesson ($MCK (-1.08%)), Old Dominion Freight Line ($ODFL (+3.53%)), Realty Income Corporation ($O (-2.72%)), Schlumberger ($SLB (+2.41%)) and Stanley Black & Decker ($SWK (+2.61%)) traded ex-dividend.

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