North American indexes were down broadly in mid-afternoon trading on February 23. Stocks were hit with volatility as concerns over rising bond yields and inflation have inspired anxiety. Moreover, the cryptocurrency space also suffered a sharp pullback. Today, I want to look at a top dividend stock to stash amidst this turmoil.
Sun Life Financial (TSX:SLF)(NYSE:SLF) is a top insurance and financial services company in Canada. Its shares were down 1.42% in mid-afternoon trading Tuesday. The stock has climbed 10.5% in 2021 so far.
The company released its fourth-quarter 2020 results on February 10. Underlying net income rose to $862 million compared to $792 million in the prior year.
Meanwhile, underlying net income for the full year came in at $3.21 billion or $5.49 per share – up from $3.05 billion or $5.16 per share in 2019. Wealth sales posted 59% growth in Asia in the fourth quarter. However, underlying net income fell 19% year-over-year in its Asia-based business.
Sun Life’s foray into Asia is expected to fuel growth in the quarters and years ahead. Moreover, the company remains a leader in global asset management. The company continues to be a top power in the insurance and wealth management space in Canada.
Shares of Sun Life last had a favourable price-to-earnings ratio of 15. Better yet, the dividend stock last paid out a quarterly distribution of $0.55 per share. That represents a solid 3.5% yield. Canadians should look to scoop up this top dividend stock that still offers decent value today.
