Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) declared a quarterly dividend on Thursday, May 11th, Wall Street Journal reports. Shareholders of record on Wednesday, May 31st will be given a dividend of 0.3164 per share by the financial services provider on Friday, June 30th. This represents a $1.27 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Friday, May 26th.
Sun Life Financial has decreased its dividend payment by an average of 1.9% per year over the last three years. Sun Life Financial has a dividend payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Sun Life Financial to earn $3.20 per share next year, which means the company should continue to be able to cover its $1.29 annual dividend with an expected future payout ratio of 40.3%.
Sun Life Financial (NYSE SLF) traded up 0.47% on Friday, reaching $34.20. The company’s stock had a trading volume of 498,299 shares. Sun Life Financial has a 1-year low of $30.38 and a 1-year high of $40.57. The firm’s 50 day moving average price is $33.92 and its 200-day moving average price is $36.78. The company has a market capitalization of $20.99 billion, a price-to-earnings ratio of 11.39 and a beta of 0.89.
A number of equities analysts recently weighed in on the company. BidaskClub raised Sun Life Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Zacks Investment Research raised Sun Life Financial from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. ValuEngine cut Sun Life Financial from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. National Bank Financial reissued an “outperform overweight” rating on shares of Sun Life Financial in a report on Tuesday, May 9th. Finally, Royal Bank of Canada cut Sun Life Financial from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $53.00 to $51.00 in a report on Friday, February 17th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $45.17.
A hedge fund recently bought a new stake in Sun Life Financial stock. Geode Capital Management LLC purchased a new stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 5,601 shares of the financial services provider’s stock, valued at approximately $204,000. Hedge funds and other institutional investors own 42.78% of the company’s stock.
About Sun Life Financial
Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.
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