Wednesday, February 15th the Board of Directors of Manulife Financial Corporation (MFC) announced a quarterly dividend increase of from C$0.33 to C$0.365 per share that’s payable March 20, 2023 to holders of record February 28, 2023. This represents a 10.61% increase over the last quarterly dividend.
With current price C$26.98 (today's open), this raise brings their dividend yield to 5.41%.
Manulife is a member of Canadian Dividend All Star List with a 10 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 12.8, 9.7, 10.0 and 9.8 (Canadian Dividend All-Star List)
Since I own 335 shares of MFC, this will increase my portfolio's projected annual net dividend income by C$34.94.
The increase was in line with my expectations and I’m happy to take it.
This is the second dividend increase I've received from BCE since initiating a position in September 2020. During this period, the dividend has grown nicely from C$0.28 to C$0.365 or 30.4%.
This increase raises my YOC to 6.85%.
Summary of 2023 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long MFC
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