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Inv Reporter says buy Manulife Financial

2020-06-05 21:08 ET - In the News

The Investment Reporter, in its May 29, 2020, issue, says buy Manulife Financial Corp., recently $16.17. The Reporter said buy 18 times from Dec. 14, 1999, to June 21, 2019, at prices ranging from $14.04 to $58.27 (the stock split 2:1 in May, 2006). Assuming an investment of $1,000 for each of the 18 buys, the $18,000 position would now be worth $14,747. Manulife Financial is a Canadian multinational insurance company and financial services provider. In the three months ended March 31, 2020, Manulife earned $1-billion, or 51 cents a diluted share, compared with earnings of $1.5-billion, or 76 cents a share, a year earlier. Analysts believed the company would earn 59 cents a share in the latest period. The company also declared an increase in its quarterly dividend from 25 cents a share to 28 cents. The Reporter feels confident that Manulife will be able to sustain this dividend throughout COVID-19. The company's earnings should easily cover the dividend. The stock is trading at a low 6.6 times the $2.45 a share that Manulife is expected to earn in 2020. The $1.12-a-share annual dividend has an attractive yield equal to 6.9 per cent. The Reporter says buy Manulife for growth and income.

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