Manulife Financial Corporation Buyback
OLI recorded this information on 2/21/2023
Company:
Manulife Financial Corporation
Buyback:
MFC buyback
Share Amount Authorized:
55,700,000
Buyback Details:
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 55.7 million of its common shares, representing approximately 3% of Manulife's issued and outstanding common shares. As at February 13, 2023, Manulife had 1,858,214,865 common shares issued and outstanding. The Office of the Superintendent of Financial Institutions previously approved the NCIB. Under the NCIB, Manulife may purchase up to 1,689,515 of its common shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 6,758,060 common shares on the TSX for the six months ended January 31, 2023, subject to TSX rules permitting block purchases. Purchases under the NCIB may commence through the TSX on February 23, 2023 and continue until February 22, 2024, when the NCIB expires, or such earlier date as Manulife completes its purchases.
Manulife Financial is a holding company. Through its subsidiaries, Co. is a life insurance company. Co.'s four operating segments are: Asia, which includes a range of health, protection, savings, medical, term and whole life products; Canada, which provides life, health, disability and specialty products, such as mortgage creditor and travel insurance; U.S., which provides a range of life insurance products, insurance-based wealth accumulation products, and has an in-force long-term care insurance business and an in-force annuity business; and Global Wealth and Asset Management, which provides investment advice and solutions to retirement, retail and institutional clients.
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Avg. Broker Rec.
  
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Buy (2.57 out of 4) 6th percentile
(ranked lower than approx. 94% of all stocks covered)
Analysts' Target Price: MFC Stock Forecast Based on Zacks ABR data; powered by Xignite |
