Tuesday, February 20, 2024

Dividend Increase - Manulife Financial Corporation (MFC)


Wednesday, February 14th the Board of Directors of Manulife Financial Corporation (MFC) announced a quarterly dividend increase of from C$0.365 to C$0.40 per share that’s payable March 19, 2024 to holders of record February 28, 2024. This represents a 9.59% increase over the last quarterly dividend.

With current price C$33.30 (Friday's close), this raise brings their dividend yield to 4.80%.

Manulife is a member of Canadian Dividend All Star List with a 11 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 10.6, 9.2, 9.9 and 10.9 (Canadian Dividend All-Star List)

Since I own 335 shares of MFC, this will increase my portfolio's projected annual net dividend income by $25.81.

The increase was in line with my expectations and I’m happy to take it.

This is the third dividend increase I've received from MFC since initiating a position in September 2020. During this period, the dividend has grown nicely from C$0.28 to C$0.40 or 42.9%.

This increase raises my yield on cost to 7.51%.

Summary of 2024 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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