Sun Life Financial Inc. (NYSE:SLF) to Issue Dividend Increase – $0.34 Per Share
Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) declared a quarterly dividend on Thursday, August 10th, Wall Street Journal reports. Stockholders of record on Wednesday, August 30th will be given a dividend of 0.3439 per share by the financial services provider on Friday, September 29th. This represents a $1.38 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Monday, August 28th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.32.
Sun Life Financial has decreased its dividend by an average of 1.9% annually over the last three years. Sun Life Financial has a payout ratio of 43.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Sun Life Financial to earn $3.42 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 37.7%.
Sun Life Financial (NYSE SLF) traded down 1.91% on Thursday, hitting $37.46. 843,096 shares of the stock traded hands. Sun Life Financial has a 52 week low of $30.38 and a 52 week high of $40.57. The firm’s 50 day moving average is $36.80 and its 200 day moving average is $36.17. The stock has a market cap of $22.99 billion, a price-to-earnings ratio of 11.62 and a beta of 0.88.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Sun Life Financial had a net margin of 11.31% and a return on equity of 13.02%. The business had revenue of $8.12 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same period last year, the firm earned $0.90 earnings per share. Sun Life Financial’s revenue for the quarter was down 14.8% compared to the same quarter last year. Equities analysts anticipate that Sun Life Financial will post $3.12 earnings per share for the current year.
A number of equities analysts recently commented on the stock. TD Securities raised their price target on shares of Sun Life Financial from $50.00 to $51.00 and gave the stock a “hold” rating in a research report on Thursday. Zacks Investment Research raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Thursday, June 1st. National Bank Financial reissued an “outperform overweight” rating on shares of Sun Life Financial in a report on Tuesday, May 9th. BidaskClub raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Finally, Bank of America Corporation raised shares of Sun Life Financial from an “underperform” rating to a “hold” rating in a report on Monday, July 10th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $45.83.
Sun Life Financial declared that its board has approved a share repurchase program on Wednesday, August 9th that allows the company to buyback 11,500,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Sun Life Financial Company Profile
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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