Recently, Daniel Gross in a Newsweek article stated, “The Great Recession, which rolled over our financial lives like one of P.J. Keating’s giant pavers, is most likely over.” He went on to make the following observations in the article:

• The U.S. economy shrank at nearly a 6 percent annualized rate between September 2008 and March 2009, placing the global economy into recession for the first time since World War II.
• Home sales have risen for three straight months—a first since 2004.
• The stock market has rallied 44 percent since March.
• Seven of the 10 indicators in the Conference Board Leading Economic Index pointed upward.
• When economists proclaim a recession over, they mean economic output has stopped contracting.
• The U.S. economy needs annual growth of at least 1.5 percent just to feel like we’re standing still.
• Unemployment is likely to keep climbing.
• “I see 1 percent growth in the economy in the next few years. It’s going to feel like a recession, even when it ends.” stated New York University economist Nouriel Roubini
• The Obama administration’s strategy rests on what some might call industrial policy or excessive government intervention—or even creeping socialism.

Not surprising, a lot of the hardest hit stocks have seen the largest increase off their 52 week low. Based on August 4, 2009 prices, these would include: General Electric (GE) 141%, U.S. Bank (USB) 169%, Manulife Financial Corp. (MFC) 249%, AFLAC Inc. (AFL) 268%,  Bank of America (BAC) 518%.

Not all dividend stocks have fully enjoyed the recent run up.  Some are still relatively close to their 52 week low and are fairly valued based on my buy price. Based on August 4, 2009 prices, here are some to consider:

• Procter & Gamble Co. (PG) – 26% – Recent Price: $55 – Fair Value: $65.98 – Analysis
• Sysco Corp. (SYY) – 26% – Recent Price: $24 – Fair Value: $27.56 – Analysis
• Automatic Data Processing Inc. (ADP) – 23% – Recent Price: $38 – Fair Value: $40.86 – Analysis
• McDonald’s Corp. (MCD) – 20% – Recent Price: $55 – Fair Value: $67.86 – Analysis
• Wal-Mart Stores, Inc. (WMT) – 8% – Recent Price: $50 – Fair Value: $56.19 – Analysis

I look at a market recovery as a bitter-sweet event. For a dividend investor, buying stocks at a highly depressed price is a Godsend, but for the market to remain healthy and liquid, it must eventually rise.

Full Disclosure: Long MFC, AFL, PG, SYY, MCD, WMT. See a list of all my income holdings here.

Insurance companies make money using a very simple formula: They collect premiums from customers, then invest the premiums while waiting for the claims to come in. Hopefully, the claims will be less than the investment value, thus providing a profit for the company. This industry relies heavily on actuaries. These are people who compute premium rates based on probabilities using statistical records based giving consideration to risks and other factors. A bad assumption here could lead to a premium that is too low resulting in an ultimate loss.

If you have ever filed a claim with an insurance company, you know what an onerous task it is to get money out of them. Looking at the claims portion of the equation, it is easy to under why they want to minimize claims paid. Each dollar they don’t pay you and each additional day they hold unto dollars they do pay you, is additional investment income for the company.

During an extended bull market, it is easy to take for granted that the investment portion of the formula will be positive. However, a lesson the insurance industry recently had to relearn was that the stock market does not always go up. The collapse of American International Group, Inc. (AIG) in September from ill-chosen investments was a dramatic event for those invested in the industry.

Manulife Financial Corp. (MFC), North America’s largest insurance company, also has struggled as a result of the declining equity markets. The Company has reported huge losses in excess of one billion Canadian dollars in the fourth quarter of 2008 and the first quarter of 2009. Much of which can be attributed to increasing reserves to cover long-term segregated fund and annuity guarantees. Segregated funds are popular investments similar to mutual funds but contain insurance contracts that limit risk for the investors.

Recently the sharp market rebound has provided relief to insurers such as MFC who had to set aside cash for guarantees on performance-based products. The increase in the market will also give the insurers a chance to rebuild capital and shuffle reserves.

Below are some insurers you may want to keep an eye on in the upcoming weeks, along with some company specific risks:

AFLAC Inc. (AFL) – Yield: 3.04% – Analysis
AFL may be overexposed to the financial service sector as a result of its holdings of European bank hybrid bonds. However, the company should not suffer significant losses from its hybrid portfolio.

Manulife Financial Corp. (MFC) – Yield: 3.73%
On Friday June 19th after the market closed, it was reported that MFC received an enforcement notice from the Ontario Securities Commission (OSC) relating to its disclosure before March 2009 of risks related to its variable annuity guarantee and segregated funds business. The preliminary conclusion of OSC staff is that the Company failed to meet its continuous disclosure obligations related to its exposure to market price risk in its segregated funds and variable annuity guaranteed products.

MetLife, Inc. (MET) – Yield: 2.17%
MET’s risks are more of the general nature. They include a further decline in the equity markets coupled with need for additional capital and asbestos-related liability claims.

Prudential Financial, Inc. (PRU) – Yield: 1.33%
PRU’s risks include currency conversion, new guaranteed minimum benefits, acquisition integration and a further sharp decline in the equity markets.

Sun Life Financial Inc. (SLF) – Yield: 3.66%
A large portion of SLF’s fixed income portfolio is concentrated in the financial sector and rated BBB or below carries a higher risk of investment loss. As with the others, SLF also is susceptible a further decline in the equity markets.

Consider the risks before investing, but also keep in mind the best values come when a company is distressed.

Full Disclosure: Long AFL, MFC. See a list of all my income holdings here.

On Friday June 19th after the market closed, it was reported that MFC received an enforcement notice from the Ontario Securities Commission (OSC) relating to its disclosure before March 2009 of risks related to its variable annuity guarantee and segregated funds business. The preliminary conclusion of OSC staff is that the Company failed to meet its continuous disclosure obligations related to its exposure to market price risk in its segregated funds and variable annuity guaranteed products. MFC will have the opportunity to respond to the notice before OSC staff makes a final decision about proceeding. The Company believes that its disclosure satisfied applicable disclosure requirements.

Like most insurance companies, MFC has struggled as a result of the declining equity markets. The Company has reported huge losses in excess of one billion Canadian dollars over the last two quarters. Much of which can be attributed to increasing reserves to cover long-term segregated fund and annuity guarantees. Segregated funds are popular investments similar to mutual funds but contain insurance contracts that limit risk for the investors.

MFC’s U.S. ADR was down over 14% yesterday – the first full day of trading after the announcement.  Other insurance companies shared the pain as shown below:

• AFLAC Inc. (AFL) – Down 5.95% – [Analysis]
• MetLife, Inc. (MET) – Down 7.53%
• Lincoln National Corp. (LNC) – Down 6.88%
• Prudential Financial, Inc. (PRU) – Down 8.53%
• Sun Life Financial Inc. (SLF) – Down 7.47%

As with all sympathy declines, some are not warranted based on the circumstances. It could be a good time to invest in certain select insurance stocks.

Full Disclosure: Long AFL, MFC. See a list of all my income holdings here.

Below are ten dividend stocks that have out-performed the S&P 500 this year through May 15, 2009:

10. Coca-Cola Co (KO) – Return: 0.4% – Yield: 3.76%
The Coca-Cola Company engages in the manufacture, distribution, and marketing of nonalcoholic beverage concentrates and syrups worldwide. Risk Rating: Low (1.50) – Analysis

9. Sysco Corp (SYY) – Return: 0.5% – Yield: 4.20%
SYSCO Corporation, through its subsidiaries, engages in the marketing and distribution of a range of food and related products primarily for foodservice industry in the United States and Canada. Risk Rating: Low (1.00) – Analysis

8. BP ADR (BP) – Return: 1.4% – Yield: 7.37%
This supermajor integrated oil company (formerly BP Amoco p.l.c.) is based in London and is the world’s second largest publicly owned oil company and the fourth largest U.S. refiner. Risk Rating: Medium (1.75) – Analysis

7. 3M Co (MMM) – Return: 1.8% – Yield: 3.52%
3M Co. is a diversified technology company with a presence in various businesses, including industrial & transportation, healthcare, display & graphics, consumer & office, safety, security & protection services, and electro and communications. Risk Rating: Low (1.50) – Analysis

6. Paychex Inc (PAYX) – Return: 4.1% – Yield: 4.63%
Paychex, Inc. provides payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. Risk Rating: Medium (1.75) – Analysis

5. Intel Corp (INTC) – Return: 5.6% – Yield: 3.69%
Intel Corporation engages in the manufacture and sale of semiconductor chips, as well as in the development of advanced integrated digital technology platforms for the computing and communications industries worldwide. Risk Rating: Medium (1.75) – Analysis

4. Canadian National Railway ADR (CNI) – Return: 7.0% – Yield: 2.24%
Canadian National Railway Company (CNI) operates Canada’s largest railroad, linking customers in Canada, the U.S., and Mexico through approximately 20,400 miles of track. Risk Rating: Low (1.25) – Analysis

3. Manulife Financial Corp ADR (MFC) – Return: 8.0% – Yield: 4.78%
Manulife Financial Corporation is a life insurance company with customers in the United States, Canada and Asia. It is the holding company of The Manufacturers Life Insurance Company and John Hancock Financial Services. Risk Rating: Medium (1.75) – Analysis

2. CenturyTel Inc (CTL) – Return: 13.5% – Yield: 9.27%
CenturyTel Inc. provides a range of telephone services in 25 states, with operations concentrated in Alabama, Arkansas, Louisiana, Missouri and Wisconsin. Risk Rating: High (2.50) – Analysis

1. Royal Bank of Canada ADR (RY) – Return: 22.8% – Yield: 4.47%
Royal Bank of Canada (RBC) offers a range of banking and financial services in North America and internationally. Risk Rating: Low (1.50)

Over the same period the S&P 500 (VFINX) was down 1.2%. The returns were calculated using Yahoo’s dividend adjusted stock price for December 31, 2008 as the starting point. Some interesting items to note: The list contains four ADRs (3 Canadian, 1 British). RY’s dividend has been frozen since November 2007. CTL is the only High Risk stock to make the list based on my risk rating. The top five were less traditional dividend stocks that had been beaten down to low levels.

Short-term performance is never the sole reason for long-term investors to buy. What goes up significantly usually comes back down. Case in point, last years two dividend darlings, Wal-Mart (WMT) and McDonalds (MCD), found themselves in the bottom ten of this list, each down 13.2%.

Full Disclosure: Long in all the aforementioned securities. See a list of all my income holdings here.

The Dow was up 87 points in March, but even more surprising was just how long it had been since the Dow finished in the black. You have to go all the way back to August 2008 to find the last time the Dow finished up.  It wasn’t just the Dow that saw large increases, the Standard & Poor’s 500 Index finished March with its largest gain since October 2002, while the The Nasdaq was up 11.4% recording its best month since November 2002.

The good news carried into April with the release of better than expected housing news.  The National Association of Realtors (NAR) reported pending home sales rose a seasonally adjusted 2.1% in  February.  Economists expected the pending sales to remain unchanged. The NAR report, considered to be a leading indicator, is based on the number of contracts signed for sales for existing homes. “The sharp decline in prices is helping to improve affordability. There are small signs that the housing market is moving toward stability.” Joseph Brusuelas, a director at Moody’s Economy.com, told Bloomberg News.

The manufacturing sector, to a lesser degree, joined the party.  The Institute of Supply Management’s manufacturing index was 36.3 in March, up slightly from the reading of 35.8 in February.  In addition, construction spending fell 0.9% in February, less than the 1.9% drop economists had expected.

So, how did the dividend stocks fare? Quite well, with some of the more beaten down names making a robust recovery. Here are 10 dividend stocks along with their double-digit March performance:

• Royal Bank of Canada (RY) – Up 19.2% – Yield: 5.50%
• Intel Corporation (INTC) – Up 18.0% – Yield: 3.72%  (Analysis)
• Paychex Inc. (PAYX) – Up 16.4% – Yield: 4.83% (Analysis)
• AFLAC Inc. (AFL) – Up 15.5% – Yield: 5.79%
• Eli Lilly and Co. (LLY) – Up 13.7% – Yield: 5.87%
• Nucor Corp (NUE) – Up 13.4% – Yield:  3.67% (Analysis)
• Illinois Tool Works Inc. (ITW) – Up 11.0% – Yield: 4.02% (Analysis)
• Chevron Corporation (CVX) – Up 10.8% – Yield:  3.87%
• Manulife Financial Corp. (MFC) – Up 10.3% – Yield: 7.38%  (Analysis)
• Commercial Net Lease Realty, Inc. (NNN) – Up 10.2% – Yield: 9.47%

It is not surprising that most of the above stocks are ones that have recently suffered the most. This highlights what all successful investors know – when stocks are down, that is your opportunity to buy them on sale, sometimes at a discount.

Finally, with this much good news, surely someone would call a bottom, and that is just what MSN Money author Tim Middleton did (sort of) in his article “Dig in: Market won’t get much worse“. He said “We may not have seen the absolute bottom of the bear market, but we’re close enough that we can be comfortable having a lot of our money in stocks. The rally has confirmed the optimistic bent of my portfolio, and I’m going to stay this course. I expect it to blossom with the spring.”

Full Disclosure: Long in all the aforementioned stocks.

References:
- Surprising data on housing, manufacturing
- Dow up 87, sees first monthly gain since August
- Dig in: Market won’t get much worse

(Photo Credit)

3M Co. (MMM) is a diversified global company has operations in electronics, health care, industrial, consumer and office, telecommunications, safety and security, and other markets. On Wednesday its Board declared a dividend of $0.51/share, a 2% increase. The dividend is payable on March 12, 2009, to shareholders of record at the close of business on February 20, 2009. This is the 51st consecutive year the company has increased its dividend. 3M’s Board also approved an extension to the company’s $7 billion share repurchase authorization which would have expired this month. The stock’s dividend yield is over 4%.

Manulife Financial (MFC) is a Canadian insurer that is among the world’s largest life insurers, offering products and services mostly in North America and Asia. On Thursday, its Board of Directors declared a quarterly dividend of $0.26/share, payable on and after March 19, 2009 to shareholders of record at the close of business on February 25, 2009. The stock’s dividend yield is 5.80%. (stock analysis)

Other companies flexing their financial muscles with higher dividends include:

• Compass Minerals (CMP) Raises Qtr. Dividend to $0.355/share (yield 2.36%)
  
• QNB Corp. (QNBC) Increases Dividend to $0.355 (yield 2.36%)
  
• Terra Nitrogen (TNH) Boosts Qtr. Dividend by 6% to $2.97/unit (yield 10.66%)
  
• Northeast Utilities (NU) Raises Qtr. Dividend by 11.7% to $0.2375/share (yield 4.03%)
  
• Sigma-Aldrich (SIAL) Increases Qtr. Dividend by 11.5% to $0.145/share (yield 1.51%)
• Progress Energy (PGN) Boosts Qtr. Dividend to $0.62/share (yield 6.47%)
• Honeywell (HON) Raises Quarterly Dividend to $0.3025/share (yield 3.80%)
• APCapital (ACAP) Increases Quarterly Dividend 10% to $0.11/share (yield 0.98%)
• Robert Half International (RHI) to Bumps Quarterly Dividend 9% to $0.12 (yield 2.7%)

Finally, the reining dividend champion, Diebold (DBD) increased its dividend 4% to %0.26/share for the company’s 56th consecutive year. The company develops, makes, and services self-service transaction systems, electronic & physical security systems, and software used to equip bank facilities, voting terminals. The stock’s dividend yield is 4.22%.

For other companies around the world with a string of consecutive dividend increases still in tact, see Dividends Value’s Stock Ideas page.

Full Disclosure: Long MFC, PGN

(Photo: Steve Woods)

My goals were defined in this December 1, 2007 Investing Goals post and updated in my 2009 Investing Goals post. I am pleased to note that both of my goals were achieved in 2008 – not may investors can say that. Below is an updated version of the table found in the original post.

The above information covers the current month and year-to-date through the current month.

Click here for a Detailed Historical Progress Table.

For the month, annualized dividend income increased $80, and Yield on Cost (YOC) decreased -0.10%. These changes were driven by new purchases, dividend changes and sales. Let’s examine each of the these categories:

Purchases: The $362 increase in annual dividend income and 0.30% increase in YOC related to the following purchases (yield at the time of purchase):

• $46 MFC (4.56%)
• $56 BLV (5.16%)
• $150 ED (5.87%)
• $49 LLY (5.15%)
• $61 CTL (9.78%)

All except ED and CTL lowered my YOC. As noted in earlier updates, I generally expect YOC to drop each month since most new investments will yield less than my current YOC, and dividend increases will not be sufficient to offset it.

Dividend Changes: The ($77) decrease in annual dividend income and (0.07%) decrease in YOC related to the following dividend changes (a=dividend stated in annual terms, q=quarterly, m=monthly):

• ($64) SDY $2.99a>$2.21a -0.07%
• ($7) CNI $0.2277q>$0.18852q -0.01%
• $1 O $0.14112m>$0.1418m 0.01%
• $1 SYY $0.22q>$0.24q 0.01%
• ($8) ETO $2.15a>$2.09q -0.01%

The decrease in CNI was due to currency conversion resulting from a strengthening U.S. dollar compared to the Canadian dollar. SDY and other ETFs/CEFs dividend volatility continue to concern me.

Sales: The ($108) decrease in annual dividend income and (0.06%) decrease in YOC related to the following sale:

• ($108) : AOD : (0.06%)
• ($97) : PFE : 0.00%

As previously discussed, I am over-allocated in AOD and ETO from a dividend income standpoint. I continue to reduce my allocation in each by selectively selling a portion of my holdings. This will position me to better withstand a dividend cut from them. PFE was sold after its January dividend cut.

That’s it for this time. The next monthly progress update will be on Saturday, March 7th.

(Photo: sanja gjenero)

After the collapse of AIG driven by derivatives, many investors fear the same could happen to other insurance companies including BRK.A. Berkshire could have to pay as much as $37 billion between 2019 and 2027 under some derivative contracts if the S&P 500 index and three other stock indexes are lower than when Berkshire entered the contracts.

Most insurance companies shares are significantly down since October 1st compared to the S&P 500. During that period, AFLAC Inc. (AFL) is down 41.9%, Manulife Financial Corp (NYSE:MFC) is down 60.5% and BRK.A is down 34.7%, while the S&P 500 is down 31.1%.

Derivative exposure is not the only problem facing BRK.A. The stock price of General Electric Co. (GE) and Goldman Sachs Group Inc. (GS), have fallen, rendering Mr. Buffett’s warrants to buy common shares worthless for the time being.

Personally, I think the situation is playing to BRK.A’s strength – a strong balance sheet. As its competitors lose capital, they will be more conservative in writing new business. BRK.A may well step in and fill the void. What BRK.A currently owns may be worth less, but Buffett will get more opportunities to buy things at cheap prices and once again come off looking like a genius.

Full Disclosure: Long AFL, MFC, GE

Reference: Has Warren Buffett lost his touch?

1. Number of Dividend Payments per Year
Most international countries pay dividends only once or twice a year – far less than the quarterly dividends that we Americans have grown accustomed to. For me dividends are one form of feedback as to how well the company is performing. I prefer more feedback to less.

2. The Amount of the Dividend Payments
It is the custom in many international countries to payout dividends as a fixed percentage of earnings each year. This will often result in larger overall payouts, but the payouts are irregular. In America we are accustomed to steady growing dividends, valuing consistency over maximum payout.

3. The Amount and Timing of Taxes on Foreign Dividends
Most foreign countries will deduct their tax before sending you the dividend. Fortunately, most have treaties with the U.S. where you can claim a credit for the tax withheld.

4. Currency Risk
Recently as the U.S. dollar has strengthen vs. other currencies, I have seen a steady decline in the dividends received, even though none of the securities have lowered their local currency dividend.

5. Risk of Political Unrest
That wonderful dividend company you found may be located in a not so wonderful country. An unstable geopolitical environment can potentially destroy a company that is under its control.

International Income Exchange-Traded Funds (ETF)/Closed-End Funds (CEF)
I have tried to increase my international exposure by purchasing ETF/CEFs with a high percentage of international stocks. Below are three that I currently own:

• Alpine Total Dynamic Dividend Fund (AOD)
• Eaton Vance Tax-Advantaged Glbl Div Opp (ETO)
• PowerShares Intnl Dividend Achievers Ptf (PID)

The problem with this route is the investment quality, or lack thereof. These funds have woefully underperformed my individual dividend stocks.

Individual International Income Stocks
If individual stocks are out-performing the above ETF/CEFs then why not focus on individual international dividend stocks? I currently hold the following ADRs:

• BP Plc (BP)
• Canadian National Railway Company (CNI)
• Manulife Financial Corp (MFC)
• Royal Bank of Canada (RY)

That is three Canadian and one British company. Not much diversification there. It shouldn’t be surprising that the two countries represented above are those whose culture, government and financial markets are most similar to the U.S. Most international companies that meet my financial criteria are disqualified based on one of the five issues listed above – generally #1. I refuse to buy a dividend stock that pays less frequently than semi-annual.

Conclusion
If the numbers do not work, you should never force-buy any security just to meet an allocation. I will continue to look for promising international income ETF/CEFs and individual stocks, but I will not buy any securities below my minimum standards. I will rely on my 401(k) and capital appreciation portfolio to meet the majority of my international allocation.

Disclosure: Long AOD, ETO, PID, BP, CNI, MFC, RY

Linked here is a PDF copy of my detailed analysis of Manulife Financial Corp (MFC). Below are some highlights from the above linked analysis:

Company Description: Manulife Financial Corporation is a life insurance company with customers in the United States, Canada and Asia. It is the holding company of The Manufacturers Life Insurance Company and John Hancock Financial Services.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

MFC is trading at a discount to 1.), 2.) and 3.) above. If I exclude the high and low valuations and average the remaining two, MFC is trading at a 21.0% discount. MFC earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section I consider five factors, see page 2 of the linked PDF for a detailed description:

1. Rolling 4-yr Div. > 15%
2. Dividend Growth Rate
3. Years of Div. Growth
4. 1-Yr. > 5-Yr Growth
5. Payout 15% of avg.

MFC earned two Stars in this section for 1.) and 2.) above. Rolling 4-yr Div. > 15% means that dividends grew on average in excess of 15% for each consecutive 4 year period over the last 10 years (1998-2001, 1999-2002, 2000-2003, etc.) I consider this a key metric since dividends will double every 5 years if they grow by 15%. MFC has paid a cash dividend to shareholders every year since 2000 and has increased its dividend payments for 8 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to >MMA

MFC earned both of the available Stars in this section. The NPV MMA Diff. of the $38,790 is in excess of the $10,000 minimum I look for in a stock that has increased dividends as long as MFC has. If MFC grows its dividend at 15.7% per year, it will take 3 years to equal the cumulative earnings from a MMA yielding an estimated 20-year average rate of 4.61%. MFC earned a Star since its Years to >MMA of 3 is less than 5 years.

Other: MFC is a member of the International Dividend Achievers™ Index. . Historically, MFC has demonstrated consistent earnings growth from varied products over a diversified geographic footprint. With solid fundamentals and a conservative balance sheet, MFC is one of the best run insurance companies in the industry. The integration with John Hancock has allowed MFC to gain significant market share in the U.S. With an expanding international presence, MFC is well positioned to benefit from growth in emerging markets. As a potential risk for going forward, MFC could be vulnerable to weak equity markets and appreciation of the Canadian dollar.

Conclusion: MFC earned one Star in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned two Stars in the Dividend Income vs. MMA section for a net total of five Stars. This quantitatively ranks MFC as a 5 Star-Strong Buy.

Using my D4L-PreScreen.xls model, I determined the share price could increase to $41.57 before MFC’s NPV MMA Diff. decreases to the $10,000 NPV MMA Diff. that I like to see. At that price MFC would yield 2.32%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the $10,000 NPV MMA Differential I’m looking for, the calculated rate is 10.8%. This dividend growth rate is well below the 15.7% used in this analysis.

Not only would I be very comfortable initiating a position in MFC below $29.55, I did just that last week during the market meltdown. Many thanks to my Canadian friends for introducing me to MFC!

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I was long in MFC (1.2% of my Income Portfolio) .

What are your thoughts on MFC?