10 Best Canadian Dividend Stocks to Buy For Income Investors

7. Manulife Financial Corporation (NYSE:MFC)

Number of Hedge Fund Holders: 22

Manulife Financial Corporation (NYSE:MFC) is a multinational insurance company and a financial services provider, based in Canada. Despite global economic challenges, the company achieved strong financial performance in 2024, fueled by significant growth in new business and notable results from its global wealth management segment, particularly in Asia. The company’s solid stock performance this year can be credited to its focus on digital innovation and expansion into high-growth markets. In Asia, Manulife has been working to diversify its product offerings and improve digital services to cater to the growing customer base. Recent efforts include the introduction of digital tools and mobile apps in key markets like Vietnam, Indonesia, and the Philippines.

In the third quarter of 2024, Manulife Financial Corporation (NYSE:MFC) reported core earnings of $1.8 billion, reflecting a 4% increase compared to the same period last year. Year-to-date, 70% of the company’s core earnings came from its highest-potential businesses, leading to a 14% rise in core earnings per share, excluding the impact of GMT. The company achieved a core return on equity (ROE) of 16.6%, demonstrating strong operational performance and disciplined capital allocation. Additionally, Manulife remained focused on managing expenses, reaching an expense efficiency ratio of 45.0% year-to-date, in line with its medium-term target of staying below 45%.

In the first nine months of 2024, Manulife Financial Corporation (NYSE:MFC) returned over $2 billion to shareholders through dividends and share repurchases. Moreover, the company has been growing dividends for the past 11 years, which makes MFC one of the best dividend Canadian stocks for income investors. Currently, it pays a quarterly dividend of C$0.40 per share and has a dividend yield of 3.73%, as of January 10.

Manulife Financial Corporation (NYSE:MFC) was a part of 22 hedge fund portfolios at the end of Q3 2024, the same as in the previous quarter, according to Insider Monkey’s database. The stakes held by these funds have a total value of over $395 million. With over 3.6 million shares, Arrowstreet Capital was the company’s leading stakeholder in Q3.