Sun Life Financial Inc. (SLF) To Go Ex-Dividend on August 23rd

Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) announced a quarterly dividend on Wednesday, August 3rd, Zacks reports. Stockholders of record on Wednesday, August 24th will be paid a dividend of 0.539 per share by the financial services provider on Thursday, September 29th. This represents a $2.16 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Tuesday, August 23rd. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.54.

Sun Life Financial has a payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Sun Life Financial to earn $4.96 per share next year, which means the company should continue to be able to cover its $2.15 annual dividend with an expected future payout ratio of 43.3%.

Sun Life Financial Stock Performance

Shares of Sun Life Financial stock traded down $0.73 during trading on Friday, hitting $46.28. 21,003 shares of the stock traded hands, compared to its average volume of 681,849. The stock has a market cap of $27.12 billion, a P/E ratio of 9.19, a PEG ratio of 1.10 and a beta of 1.00. Sun Life Financial has a twelve month low of $42.83 and a twelve month high of $58.49. The company has a fifty day moving average price of $46.19 and a two-hundred day moving average price of $50.87.

Sun Life Financial (NYSE:SLF – Get Rating) (TSE:SLF) last issued its quarterly earnings data on Wednesday, May 11th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. Sun Life Financial had a return on equity of 13.77% and a net margin of 15.97%. The business had revenue of $300.00 million for the quarter. On average, equities research analysts expect that Sun Life Financial will post 4.65 EPS for the current fiscal year.

Analysts Set New Price Targets

SLF has been the topic of several recent analyst reports. Desjardins dropped their price target on Sun Life Financial from C$77.00 to C$73.00 in a research report on Monday, May 16th. TD Securities dropped their price target on Sun Life Financial from C$72.00 to C$68.00 in a research report on Wednesday, June 1st. Scotiabank dropped their price target on Sun Life Financial from C$71.00 to C$67.00 in a research report on Friday, May 13th. Barclays began coverage on Sun Life Financial in a research report on Thursday, June 9th. They issued an “overweight” rating and a $71.00 price target on the stock. Finally, National Bank Financial lowered their price objective on Sun Life Financial from C$68.00 to C$67.00 in a research report on Tuesday, July 19th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.14.

Institutional Investors Weigh In On Sun Life Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. acquired a new position in Sun Life Financial during the first quarter valued at approximately $32,000. Acadian Asset Management LLC bought a new position in shares of Sun Life Financial during the first quarter worth approximately $67,000. Virtu Financial LLC bought a new position in Sun Life Financial during the 1st quarter worth $207,000. Sequoia Financial Advisors LLC bought a new position in Sun Life Financial during the 1st quarter worth $231,000. Finally, Cresset Asset Management LLC increased its stake in Sun Life Financial by 6.4% during the 1st quarter. Cresset Asset Management LLC now owns 4,827 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 292 shares during the period. Institutional investors own 47.14% of the company’s stock.

Sun Life Financial Company Profile

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Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. It offers term and permanent life, as well as personal health, dental, critical illness, long-term care, and disability insurance products. The company also provides reinsurance products; investment counselling and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate property brokerage and appraisal services; and merchant banking services.