The S&P/TSX Composite Index was up 63 points in early afternoon trading on April 4. Canadian stocks have gained serious momentum since the middle of March. However, there are still some undervalued dividend stocks available to investors.
Manulife Financial (TSX:MFC)(NYSE:MFC) is a Toronto-based company that offers insurance and financial services to a global client base. It has had huge success with its expansion into Asia, where there is a burgeoning middle class. Shares of this dividend stock have climbed 7.3% in 2022. The stock has largely rebounded from its dip in the middle of March, but it is not to late to jump on its current price.
This company unveiled its fourth quarter and full year 2021 earnings on February 9, 2022. Core earnings increased 26% on a constant exchange rate basis from 2020 to $6.5 billion in 2021. Meanwhile, global wealth and asset management inflows reached $27.9 billion – up from $8.9 billion in the previous year. In Asia, Manulife continued to make promising strides. It increased its number of contract agents to over 117,000 and completed the acquisition of Aviva Vietnam.
Shares of this dividend stock currently possess a very favourable price-to-earnings ratio of 7.5. Moreover, it offers a quarterly dividend of $0.33 per share. That represents a 4.9% yield. Canadian investors on the hunt for a top flight dividend stock that is undervalued should look to Manulife in early April.