MFC.TO - Manulife Financial Corporation
| Previous Close | 26.06 |
| Open | 26.05 |
| Bid | 25.93 x 0 |
| Ask | 25.96 x 0 |
| Day's Range | 25.81 - 26.17 |
| 52 Week Range | 18.33 - 26.47 |
| Volume | 2,425,669 |
| Avg. Volume | 4,762,660 |
| Market Cap | 50.592B |
| Beta (3Y Monthly) | 1.38 |
| PE Ratio (TTM) | 10.66 |
| EPS (TTM) | 2.44 |
| Earnings Date | Feb. 12, 2020 |
| Forward Dividend & Yield | 1.00 (3.80%) |
| Ex-Dividend Date | 2019-11-18 |
| 1y Target Est | 30.25 |
- Bloomberg
Common Sense Wins in India Bankruptcy Case
(Bloomberg Opinion) -- Two- and-a-half years after the Indian central bank took the highly unusual step of directing banks to put 12 large corporate debtors into bankruptcy, the most closely watched of the “distressed dozen” cases has finally been resolved.With the Supreme Court in New Delhi clearing the decks for the sale of Essar Steel India Ltd., the Ruia family has accepted defeat. Control of the 10 million-tons-a-year integrated plant in western India will pass to ArcelorMittal, which will pay banks 420 billion rupees ($5.9 billion), or 90% of their claims.This final episode of a drawn-out legal saga, in which the Ruias made multiple attempts to hold on to their prized asset, was a nail-biter. At the last moment, the bankruptcy tribunal’s appellate authority had inexplicably jumped into the fray and ordered that more of ArcelorMittal’s money be given out to unsecured operational creditors and less to secured financial lenders.India’s $200-billion-plus bad debt mess is starting to attract serious global capital from pension and sovereign funds. Had expected recovery rates of 90% shriveled to 60%, private equity funds assembling this stock of patient money to take over secured lenders’ exposure would have fled. Thankfully, the court restored the power of the creditors’ committee to decide who gets what.It’s been a costly delay. When the Reserve Bank of India referred large cases to new bankruptcy tribunals, it was hoping to solve 25% of the country’s bad-loan problem in 270 days. There was interest among potential buyers, particularly for steel plants, because global metals demand was stabilizing. But with missed deadlines, lengthy litigation and suspected fraud holding back asset sales, liquidation has emerged as the default option, with only 15% of closed insolvency cases ending in a resolution plan. A lot has changed in India’s corporate distress landscape between 2016, when India promulgated its bankruptcy law, and now. For one thing, global demand for steel — and steel assets — is starting to sag. That isn’t all. With practically all sectors of India’s economy facing a demand funk, there’s trouble everywhere from real estate and roads to power and telecom.Each industry comes with its own unique challenges. In residential real estate, it’s the homeowners’ interest that makes creditor coordination difficult. In telecom, the difficulty comes from exorbitant government demands for spectrum fees. The danger of a voluntary bankruptcy filing by Vodafone Idea Ltd. has everyone from investors to the government worried. The mobile operator posted a $7.1 billion quarterly loss, the worst in India’s corporate history. A new complexity is that creditor institutions themselves — from shadow lenders to small deposit-taking banks — are becoming insolvent, prompting India to extend the bankruptcy law to nonbank lenders as well. This quick fix would further weigh on a system creaking under its case load. A steel plant can preserve value through a lengthy in-court bankruptcy by utilizing its fixed capacity. A lender has to continuously make new loans to stay in business. Without the trust of the financial markets, its enterprise value very rapidly falls to zero. Early liquidation is the best possible outcome for an insolvent lender’s creditors seeking to extract value, but it’s also the scenario that poses the biggest risk to stability of the existing financial system.The current law can’t solve this dichotomy. Rather than overburdening it, India must keep the bankruptcy tribunal focused on what it can actually handle. A recent example of overreach is the start of an insolvency petition against Aviva Plc’s local life insurance joint venture for not paying its landlord. Such things used to happen in Indonesia, where a Jakarta commercial court declared Canadian insurance firm Manulife Financial Corp.'s Indonesian unit bankrupt in 2002, and followed it up two years later by holding Prudential Plc’s local business insolvent. A higher court had to reverse those rulings. By setting right the balance between secured and unsecured lenders, the Essar judgment has scored a win above all for common sense. The verdict will rekindle hope in the integrity of India’s bankruptcy process, but it will take a lot more work to allay concerns about its effectiveness.To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Bloomberg
Japan’s MS&AD, Manulife Are Competing for Aviva’s Asian Assets
(Bloomberg) -- Japan’s MS&AD Insurance Group Holdings Inc. and Canada’s Manulife Financial Corp. are vying to buy Aviva Plc’s assets in Singapore and Vietnam as the sale process enters its final stage, according to people familiar with the matter.FWD Group Ltd., an acquisitive insurer backed by billionaire Richard Li, is also in the race, but it’s only shown interest in acquiring Aviva’s Singapore business, the people said. Singapore is Aviva’s biggest market.Final bids have been submitted and the companies are now in the last stage of negotiations, said the people, who asked not to be identified because the matter is private.While London-based Aviva was seeking about $3 billion from the two assets combined, the valuation could come slightly lower, the people said. The company is still weighing whether to sell the two assets together or separately, they said.The U.K. insurer could make an announcement as soon as Wednesday, when it plans to hold its capital markets day, the people said. Talks could still fall apart and other bidders could emerge as deliberations continue, the people sad.Representatives for Aviva, MS&AD, Manulife and FWD declined to comment.Aviva said in August it’s examining options for its Asian business as part of Chief Executive Officer Maurice Tulloch’s turnaround plan for the insurer, confirming a Bloomberg News report. The assets had also drawn interest from other companies such as Chubb Ltd., Sun Life Financial Inc., HSBC Holdings Plc, and Allianz SE, people familiar with the matter have said.\--With assistance from Viren Vaghela.To contact the reporters on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Komaki Ito in Tokyo at kito@bloomberg.netTo contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Adveith NairFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- The Canadian Press
Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (17,028.47, up 56.29 points.)Aurora Cannabis Inc. (TSX:ACB). Health care. Down 79 cents, or 18.04 per cent, to $3.59 on 27.2 million shares.Manulife Financial Corp. (TSX:MFC). Financials. Up five cents, or 0.19 per cent, to $26.31 on 9.3 million shares.Enbridge Inc. (TSX:ENB). Energy. Up 51 cents, or 1.02 per cent, to $50.51 on 8.2 million shares.The Green Organic Dutchman Holdings. (TSX:TGOD). Health care. Down 13 cents, or 15.66 per cent, to 70 cents on 6 million shares.Crescent Point Energy Corp. (TSX:CPG). Energy. Up five cents, or 0.95 per cent, to $5.29 on 5.5 million shares.OceanaGold Corp. (TSX:OGC). Materials. Down 55 cents, or 17.46 per cent, to $2.60 on 5.1 million shares. Companies in the news:Aurora Cannabis Inc. — Aurora Cannabis Inc. shares sank to a two-year low Friday after its revenues missed expectations and the pot producer announced it was halting construction at one production facility and pausing work at another to save over $190 million in planned expenses. Aurora announced after markets closed on Thursday that it will immediately cease construction of its Aurora Nordic 2 facility in Denmark to save about $80 million over the next year, as well as indefinitely defer completion of construction and commissioning at its Aurora Sun facility in Alberta to conserve $110 million.The Green Organic Dutchman Holdings Ltd. — The Green Organic Dutchman Holdings Ltd. shares fell sharply in early trading following a $20.1 million third quarter loss for the cannabis company as the industry struggles to meet expectations. The Mississauga-based company says its loss increased from $11.3 million in the same quarter last year as costs rose from its expansion towards commercial production. The company says it invested $104 million in capital spending in the quarter, including the continued construction of two facilities in Ontario and Quebec.Canadian National Railway Co. (TSX:CNR). Up 44 cents to $123.94. Canadian National Railway Co. is confirming job cuts as it deals with a weakening North American economy that has eroded demand for railroad transportation. The company said it is "adjusting its resources to demand" but wouldn't say how many people will be affected. It said some employees will be placed on furlough and there will be reductions in both management and union job numbers. In October, Canada's largest railroad operator cut its adjusted earnings per share outlook percentage for 2019 to the high single digits, down from predictions of low double-digit growth.This report by The Canadian Press was first published Nov. 15, 2019. The Canadian Press
- CNW Group
Manulife Investment Management Takes Home Three Lipper Fund Awards in 2019
TORONTO , Nov. 15, 2019 /CNW/ - Three of Manulife Investment Management funds were recognized at the Lipper Fund Awards from Refinitiv 20191, Canada ceremony, held in Toronto last night. This is the seventh consecutive year Manulife funds are recognized by the Lipper Fund Awards.
- Thomson Reuters StreetEvents
Edited Transcript of MFC.TO earnings conference call or presentation 7-Nov-19 1:00pm GMT
Q3 2019 Manulife Financial Corp Earnings Call
- The Canadian Press
Manulife and TTC reach deal to settle Healthy Fit benefits fraud case
TORONTO — Manulife Financial Corp. says it has reached a settlement with the Toronto Transit Commission related to the Healthy Fit benefits fraud case. Terms of the agreement were not disclosed.Following a tip, the TTC began an investigation in 2014 that found that Healthy Fit, a health-care products and service provider, was issuing fake or inflated receipts.Employees would submit the falsified claims to Manulife, the company's insurance provider, collect the money, then share the payment with Healthy Fit.The TTC had sued Manulife alleging the company did not have the appropriate fraud management controls in place, a claim the insurance company denied.Manulife says it continues to strengthen and invest in its fraud program, which includes proactive efforts and prevention through its trusted provider network.Adam Smith, the proprietor of Healthy Fit, pleaded guilty to two counts of fraud over $5,000 and was sentenced to two years in prison in 2017.This report by The Canadian Press was first published Nov. 13, 2019.Companies in this story: (TSX:MFC) The Canadian Press
- CNW Group
Manulife and TTC resolve matter related to Healthy Fit case
TORONTO, Nov. 13, 2019 /CNW/ - Manulife and the Toronto Transit Commission (TTC), in partnership, are pleased to have resolved the matter related to the Healthy Fit case. Terms of the settlement, which is related to a 2016 TTC statement of claim, were not disclosed. Manulife and the TTC remain united in a commitment to fraud prevention and collaborated on the investigation that brought Healthy Fit to justice.
- CNW Group
Manulife Investment Management Welcomes Eataly to Manulife Centre
C$ unless otherwise stated Eataly's first location in Canada Following investment of $100 million revitalization to Manulife Centre Bloor Street location is home to many well-known Canadian brands TORONTO ...
- Simply Wall St.
Should You Buy Manulife Financial Corporation (TSE:MFC) For Its Upcoming Dividend In 4 Days?
Readers hoping to buy Manulife Financial Corporation (TSE:MFC) for its dividend will need to make their move shortly...
- CNW Group
Manulife announces Normal Course Issuer Bid
TORONTO, Nov. 12, 2019 /CNW/ - Manulife Financial Corporation ("Manulife") announced today that it has received approval from the Toronto Stock Exchange ("TSX") for its previously announced normal course issuer bid ("NCIB") permitting the purchase for cancellation of up to 58 million of its common shares, representing approximately 3% of Manulife's issued and outstanding common shares. As at October 31, 2019, Manulife had 1,948,859,681 common shares issued and outstanding. The Office of the Superintendent of Financial Institutions Canada previously approved the NCIB.
- The Motley Fool
Canada’s Cheapest Life Insurance Company
Manulife Financial Corp (TSX:MFC)(NYSE:MFC) has a strong balance sheet, trades at a low earnings and book value multiple, and has steadily grown shareholder equity. Why does this Canadian life insurance trading at a significant discount to peers?
- The Motley Fool
3 Red-Hot Stocks Hitting New 52-Week Highs
Tired of declines? This trio of momentum stocks, including Air Canada (TSX:AC), might have the rocket fuel you need.
- CNW Group
Manulife Financial Corporation announces Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 17
TORONTO, Nov. 8, 2019 /CNW/ - Manulife Financial Corporation ("Manulife") today announced that it does not intend to exercise its right to redeem all or any of its currently outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred Shares") (TSX:MFC-PM.TO - News) on December 19, 2019. As a result, subject to certain conditions described in the prospectus supplement dated August 11, 2014 relating to the issuance of the Series 17 Preferred Shares (the "Prospectus"), the holders of the Series 17 Preferred Shares have the right, at their option, to convert all or part of their Series 17 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife (the "Series 18 Preferred Shares") on December 19, 2019.
- The Motley Fool
This Discounted Dividend Stock is Breaking Out
Seeking value and income? Consider Manulife Financial (TSX:MFC)(NYSE:MFC) stock today!
- Simply Wall St.
Does Manulife Financial Corporation's (TSE:MFC) P/E Ratio Signal A Buying Opportunity?
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll apply a basic...
- Bloomberg
Manulife, Sun Life Profits Beat Estimates on Asia Gains
(Bloomberg) -- Canadian insurers Manulife Financial Corp. and Sun Life Financial Inc. posted third-quarter profits that topped analysts’ expectations, as gains in Asia fueled earnings growth.Sun Life saw underlying profit in Asia surge 25% to C$138 million ($105 million), boosted by higher sales in insurance and wealth, while Manulife’s record C$520 million of core earnings for the region was up 13% from a year earlier.“The rebound in Asia was stronger than expected” for Sun Life, Sumit Malhotra, an analyst at Bank of Nova Scotia, said in a note to clients. For Manulife “Asia once again carried the freight for earnings power,” Malhotra said.Shares of Manulife, Canada’s largest life insurer, rose 2.6% to C$26.12 at 9:47 a.m. in Toronto, its biggest intraday increase since Oct. 11. Sun Life advanced 1.5% to C$61.55.Sun Life’s underlying net income rose 11% to C$809 million in the quarter, with per-share earnings of C$1.37 topping the C$1.27-a-share average estimate of 12 analysts surveyed by Bloomberg. The Toronto-based insurer reported C$78 million of tax-related benefits in the quarter, which contributed to the beat. Sun Life raised its dividend by 5% to 55 cents a share.Among Sun Life’s other key divisions, underlying earnings in Canada rose 6.8% to C$268 million while the U.S. division saw profit slide 2.9%. Its asset management division saw little change from a year earlier, at C$251 million.Manulife’s core earnings fell 0.8% to C$1.53 billion, or 76 cents a share, beating the 73-cent average estimate of 13 analysts in a Bloomberg survey. Earnings in the U.S. rose 0.9% to C$471 million while the Canadian division had a 7.6% drop in profit to C$318 million, with reduced earnings partly due to sales of portfolios to reinsurers. Wealth and asset management earnings fell 2.4% to C$281 million.While Asia earnings were at a record, the pace of growth showed signs of slowing from the first half and last year. The company has seen a contraction in Japan, though that’s being offset by growth in Hong Kong, China and Vietnam, according to Chief Financial Officer Phil Witherington.“We remain very optimistic about Asia,” Witherington said in a phone interview. “The fact that the mix is shifting away from Japan into other markets actually reinforces the strategy that we have in Asia, which is positioning ourselves for sustainable double-digit growth.“(Updates with shares in fourth paragraph.)To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Jacqueline Thorpe, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- The Canadian Press
Manulife beats expectations as core Q3 profit flat but net income plunges
TORONTO — Manulife Financial Corp. beat expectations as its core net income were flat in the third quarter even though its net profit plunged by more than half to $723 million due to actuarial accounting assumptions.The Toronto-based insurer says its core earnings for the period ended Sept. 30 were $1.53 billion, down from $1.54 billion a year earlier.That equalled 76 cents per share, compared with 75 cents per share in the prior year.Net income attributable to shareholders equalled $723 million or 35 cents per share, compared with $1.57 billion or 77 cents per share in the third quarter of 2018.Manulife says the previously announced charges include a $500-million charge related to updated ultimate reinvestment rate (URR) assumption issued by the Canadian Actuarial Standards Board that reflect lower-than-expected returns.Analysts had expected adjusted net income of $1.43 billion and earning per share of 73 cents per share, according to the financial markets data firm Refinitiv.In recent quarters, the financial services company's earnings has gotten a boost from its presence in Asia, including Hong Kong.Meanwhile, the company has been taking steps to transform the overall organization, including aiming to free up $5 billion in capital by 2022.As well, last June, Manulife announced it was cutting about 700 jobs as part of a plan to streamline and digitize its customer service operations.This report by The Canadian Press was first published Nov. 6, 2019.Companies in this story: (TSX:MFC)The Canadian Press
- CNW Group
Manulife Financial Capital Trust II announces intention to redeem Manulife Financial Capital Trust II Notes - Series 1
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 TORONTO , Nov. 6, 2019 /CNW/ - Manulife Financial Capital Trust II (the "Trust"), a subsidiary of Manulife Financial Corporation, today ...
- CNW Group
Manulife announces intention to launch Normal Course Issuer Bid
TORONTO, Nov. 6, 2019 /CNW/ - Manulife Financial Corporation ("Manulife") announced today that, subject to the approval of the Office of the Superintendent of Financial Institutions ("OSFI") and the Toronto Stock Exchange ("TSX"), it intends to launch a Normal Course Issuer Bid ("NCIB") permitting the purchase for cancellation of up to 58 million of its common shares, representing approximately 3% of Manulife's issued and outstanding common shares. As at October 31, 2019, Manulife had 1,948,859,681 common shares issued and outstanding. Manulife believes that the purchase of Manulife common shares at recent market prices is an appropriate investment by Manulife since, in its view, recent market prices do not reflect the underlying value of Manulife's business.
- CNW Group
Manulife Financial Corporation Declares Preferred Share Dividends
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 TORONTO , Nov. 6, 2019 /CNW/ - Manulife Financial Corporation's Board of Directors today announced quarterly shareholders' dividends on the following ...
- CNW Group
Manulife Financial Corporation Declares Common Share Dividend
TORONTO, Nov. 6, 2019 /CNW/ - Manulife Financial Corporation's Board of Directors today announced a quarterly shareholders' dividend of $0.25 per share on the common shares of Manulife Financial Corporation (the "Company"), payable on and after December 19, 2019 to shareholders of record at the close of business on November 19, 2019. In respect of the Company's Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan, the Company will issue common shares from treasury in connection with the reinvestment of dividends and optional cash purchases under these plans. The price of common shares purchased with reinvested dividends will be reduced by a two per cent (2%) discount from the market price, as determined pursuant to the applicable plan.
- CNW Group
Manulife reports 3Q19 net income of $0.7 billion and core earnings of $1.5 billion with solid growth in Asia
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 This earnings news release for Manulife Financial Corporation ("Manulife" or the "Company") should be read in conjunction ...
- The Motley Fool
2 Super Stocks to Buy in November
November will be a busy month on the TSX. Investors can consider Manulife Financial and Canadian Natural Resources Limited stocks as potential buys in November.
