Is Manulife (TSX:MFC) stock a good buy for your portfolio reshuffle?

Highlights

  • Manulife stocks surged at market open on Tuesday, September 14, and appeared on the trending charts.
  • Manulife Financial has announced that its employees in Canada will have to provide a proof of vaccination by the end of October.
  • Manulife is also expanding its asset and wealth management business.

Stocks of Manulife Financial Corporation surged by 0.12 per cent at market open on Tuesday, September 14, as heavy investor search made it one of the leading trends in Canada.

While there was no significant announcement by the company, the interest in the financial services company could be due to its stand on COVID-19 vaccines.

Manulife Financial has announced that its employees in Canada will have to provide a proof of vaccination by the end of October. Its unvaccinated staff, on the other hand, will have to undergo regular coronavirus detection tests before they work in the offices.

Manulife Financial (TSX:MFC) stock performance

While the financial services provider's stock declined by about three per cent since the past month, it has expanded by 28 per cent in the last one year.

In addition, MFC stock's year-to-date (YTD) growth of nine per cent surpasses the Toronto Stock Exchange 300 Composite Index, which declined by eight per cent in the same period.

Also Read: 5 best Canadian mid-cap stocks to buy this September

Manulife stock was one of the top trending companies in Canada on September 14

© 2021 Kalkine Media Inc.

Manulife Financial latest financials

Manulife recorded a significant surge in its net income in the second quarter ending June 30, 2021, rising by C$ 1.9 billion year-over-year (YoY) to C$ 2.6 billion.

The company’s diluted earnings per share (EPS) increased to C$ 1.33 in Q2 2021, up from C$ 0.35 in Q2 2020. In the same quarter, its core return on equity (ROE) increased to 13.9 per cent.

Manulife currently distributes a quarterly dividend of C$ 0.28 per unit to its shareholders, registering a dividend yield of 4.5 per cent.

Also Read: Is SmileDirectClub (SDC) a dental stock to buy?

Bottom line

Manulife is said to be expanding its asset and wealth management divisions. As of June 30, 2021, Manulife had asserts worth C$ 1.3 trillion under management and administration. The company's principal operations are in Canada, Asia and the United States.

Comment


Disclaimer

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK