TORONTO - Sun Life Financial Inc . (TSX: NYSE:SLF) (NYSE: SLF), a prominent international financial services organization, announced today that its Board of Directors has declared a quarterly dividend of $0.81 per common share, consistent with the previous quarter's distribution. The dividend is payable on September 27, 2024, to shareholders of record as of August 28, 2024.
In addition to the common share dividend, the Board has also declared dividends on various series of the company's Class A Non-Cumulative Preferred Shares. The dividends per share for the preferred series are as follows: Series 3 and Series 4 at $0.278125, Series 5 at $0.28125, Series 8R at $0.114063, Series 9QR at $0.395852, Series 10R at $0.185438, and Series 11QR at $0.443742. These dividends are also payable on September 27 to shareholders who are on record by August 28.
The company has stated that the shares purchased under the Canadian Dividend Reinvestment and Share Purchase Plan will be acquired on the open market via the Toronto Stock Exchange and other Canadian trading platforms.
Sun Life has designated these dividends as eligible dividends for the purposes of the Income Tax Act (Canada), which may be beneficial for Canadian taxpaying shareholders.
With operations spanning across several countries, including Canada, the United States, and various Asian and European markets, Sun Life manages a vast portfolio of financial services, including asset management, wealth, insurance, and health solutions. As of June 30, 2024, the company reported total assets under management of $1.46 trillion.
The information for this announcement is based on a press release statement by Sun Life Financial Inc.
InvestingPro Insights
Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) continues to display a commitment to its shareholders with its steady dividend declaration. The company's track record of increasing its dividend for 9 consecutive years, as noted by an InvestingPro Tip, underscores its financial stability and dedication to providing shareholder value. This is further reinforced by the company's ability to maintain dividend payments for over two decades.
InvestingPro Data highlights Sun Life's substantial market capitalization of $27.73 billion, which reflects its significant presence in the financial services sector. The company's P/E ratio stands at 12.49, with a slight adjustment to 12.84 over the last twelve months as of Q1 2024, indicating a valuation that might interest investors looking for reasonable earnings multiples. Additionally, the company has experienced a solid revenue growth of 8.07% over the same period, suggesting a healthy expansion of its business operations.
For investors evaluating the company's performance against industry benchmarks, Sun Life's gross profit margin of 46.18% over the last twelve months is a testament to its ability to manage costs and maintain profitability. Moreover, the InvestingPro Tips reveal that analysts predict the company will remain profitable this year, which is supported by its profitability over the last twelve months.
For more detailed analysis and additional InvestingPro Tips, investors can explore Sun Life Financial's profile on InvestingPro, which includes a total of 9 tips to assist in making more informed investment decisions.
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