5 Canadian Stocks to Buy Amid Rate Hikes

1. Sun Life Financial Inc. (NYSE:SLF)

Number of Hedge Fund Holders: 10

Sun Life Financial Inc. (NYSE:SLF) was founded in 1871 and is headquartered in Toronto, Canada. The company offers insurance, wealth, and asset management services to individuals and enterprise customers worldwide. Sun Life Financial Inc. (NYSE:SLF) declared on May 11 a C$0.69 per share quarterly dividend, a 4.5% increase from its prior dividend of C$0.66. The dividend is payable on June 30, to shareholders of record on June 1. The company delivers a dividend yield of 4.51% as of June 10. 

On June 7, Barclays analyst John Aiken reinstated coverage of Sun Life Financial Inc. (NYSE:SLF) with an Overweight rating and a C$71 price target. The company’s “surprisingly weaker year-to-date performance reflects overblown concerns on the macro outlook”, the analyst told investors. The analyst believes Sun Life Financial Inc. (NYSE:SLF)’s business will “remain resilient even in a more difficult macro outlook”. 

Among the hedge funds tracked by Insider Monkey, 10 funds reported long positions in Sun Life Financial Inc. (NYSE:SLF) at the end of March 2022, compared to 11 funds in the last quarter. Jim Simons’ Renaissance Technologies is one of the largest shareholders of the company, with 621,600 shares worth $34.70 million. 

You can also take a look at 10 Best Recession Stocks To Buy and 10 Best Undervalued Dividend Stocks To Buy. 

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