This High-Yielding Stock Just Increased Its Dividend Again

Sun Life Financial (TSX:SLF)(NYSE:SLF) announced a 5% increase to its quarterly dividend on May 8, raising its quarterly payout from $0.84 to $0.88 per share. The company has routinely increased its dividend payments over the years and been a solid income stock to hang on to.

Back in June 2015, Sun Life's quarterly dividend was $0.38, which means this upcoming payout is an increase of more than 131% since then; that averages out to a compounded annual growth rate of 8.8%. That's a healthy rate of annual increase for investors, and gives them a good incentive to remain committed to the stock.

Today, with the increase, Sun Life's stock yields just over 4%, making it one of the higher-yielding stocks you can buy on the TSX, which doesn't come up with significant risk.

Last year, the company reported more than $3 billion in earnings on revenue totaling $36.8 billion, for a profit margin of over 8%. The company has $1.55 trillion in assets under management with operations in multiple countries, including Canada, the U.S., and a strong presence in Asia.

At a time when investors are concerned about uncertainty in the markets, Sun Life can be a stock that can be a safe haven. This year, it has risen by around 3%. And while that isn't a spectacular performance, what's important is that it has been stable; the S&P 500 remains in negative territory. If you're a dividend investor or just want some safety and stability, Sun Life can be an excellent option to consider for your portfolio today.

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