Sun Life Financial Inc. (SLF) To Go Ex-Dividend on August 28th
Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) announced a quarterly dividend on Thursday, August 10th, Wall Street Journal reports. Investors of record on Wednesday, August 30th will be paid a dividend of 0.3439 per share by the financial services provider on Friday, September 29th. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Monday, August 28th. This is a positive change 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 dividend payout ratio of 44.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Sun Life Financial to earn $3.41 per share next year, which means the company should continue to be able to cover its $1.39 annual dividend with an expected future payout ratio of 40.8%.
Shares of Sun Life Financial (SLF) opened at 38.90 on Friday. The stock has a market cap of $23.87 billion, a price-to-earnings ratio of 11.76 and a beta of 0.88. Sun Life Financial has a one year low of $30.38 and a one year high of $40.57. The company has a 50 day moving average price of $37.93 and a 200-day moving average price of $36.13.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.29%. The company had revenue of $8.12 billion during the quarter, compared to analyst estimates of $7.36 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business’s quarterly revenue was down 14.8% compared to the same quarter last year. Equities analysts predict that Sun Life Financial will post $3.26 earnings per share for the current fiscal year.
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SLF has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a report on Friday, May 19th. BidaskClub raised shares of Sun Life Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Royal Bank Of Canada raised shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating and set a $51.00 price target for the company in a report on Wednesday, June 7th. 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. Finally, TD Securities raised their price target on shares of Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a report on Thursday, August 10th. Eight investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $45.80.
Sun Life Financial announced that its board has authorized a share buyback plan on Wednesday, August 9th that permits the company to buyback 11,500,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management 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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