Canadian banks have been red hot since late August. Today, we are going to look at 2 financial services and insurance companies that are also a great bet going forward.
Shares of Manulife Financial Corp. (TSX:MFC)(NYSE:MFC) were up 2.01% at the bottom of the noon hour on November 9th. The stock has increased 12.5% in 2017 and 33% year over year. The company released its third-quarter results on November 8th. The company was forced to set aside $240 million due to the devastation caused by U.S. hurricanes in late August and early September.
Manulife still reported net income of $1.1 billion compared to $996 million in Q3 2016. The company continues to see strong growth in its Asia-based business. Manulife also offers a dividend of $0.20 per share representing a 3% dividend yield.
Sun Life Financial Inc. (TSX:SLF)(NYSE:SLF) is also a Toronto-based financial services and insurance company. Its stock was up 1% at the bottom of the noon hour on November 9th. Shares have declined 3% in 2017 but are up 7.8% year over year. The company also released its third-quarter results on November 8th.
Sun Life’s net income jumped to $817 million compared to $737 million in the third quarter of 2016. Its revenue did dip to $5.6 billion from $7.9 billion, which the company attributed to rising interest rates in its largest markets. The stock still boasts a dividend of $0.44 per share representing a 3.5% dividend yield. Both stocks are strong plays going forward, especially considering the growth potential that Asia provides.