Sun Life Financial (NYSE:SLF) Shares Gap Up After Dividend Announcement

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $47.96, but opened at $49.38. Sun Life Financial shares last traded at $49.84, with a volume of 68,118 shares changing hands.

The newly announced dividend which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be given a dividend of $0.587 per share. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date is Wednesday, August 28th. Sun Life Financial’s dividend payout ratio is currently 60.10%.

Wall Street Analysts Forecast Growth

Separately, Argus upgraded Sun Life Financial to a “strong-buy” rating in a research note on Monday, June 3rd.

Sun Life Financial Trading Up 0.9 %

The firm has a fifty day moving average of $49.04 and a two-hundred day moving average of $51.33. The company has a market cap of $29.48 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.25 and a beta of 0.99.

Hedge Funds Weigh In On Sun Life Financial

Large investors have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new position in Sun Life Financial in the 4th quarter valued at approximately $2,138,000. Cerity Partners LLC raised its stake in shares of Sun Life Financial by 79.8% during the 4th quarter. Cerity Partners LLC now owns 13,170 shares of the financial services provider’s stock valued at $683,000 after purchasing an additional 5,844 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Sun Life Financial by 7.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 423,044 shares of the financial services provider’s stock worth $22,047,000 after purchasing an additional 29,144 shares in the last quarter. RIA Advisory Group LLC bought a new position in Sun Life Financial in the 4th quarter worth about $39,000. Finally, Signaturefd LLC increased its position in shares of Sun Life Financial by 1.9% during the fourth quarter. Signaturefd LLC now owns 22,365 shares of the financial services provider’s stock valued at $1,160,000 after buying an additional 414 shares during the period. Hedge funds and other institutional investors own 52.26% of the company’s stock.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.