Sun Life Financial (NYSE:SLF) Hits New 52-Week High – Still a Buy?

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $81.60 and last traded at $81.2710, with a volume of 636430 shares. The stock had previously closed at $79.53.

Wall Street Analysts Forecast Growth

SLF has been the subject of a number of recent analyst reports. Evercore cut shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a report on Monday. Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Friday, April 24th. Finally, TD Securities reaffirmed a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Price Performance

The firm has a market cap of $45.30 billion, a price-to-earnings ratio of 20.95 and a beta of 0.88. The business has a fifty day simple moving average of $75.38 and a 200 day simple moving average of $68.68.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The firm had revenue of $6.41 billion for the quarter, compared to analyst estimates of $925.99 million. During the same period in the previous year, the company posted $1.82 earnings per share. On average, research analysts anticipate that Sun Life Financial Inc. will post 5.73 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th were paid a dividend of $0.96 per share. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $3.84 annualized dividend and a yield of 4.7%. Sun Life Financial’s dividend payout ratio is presently 72.94%.

Institutional Investors Weigh In On Sun Life Financial

Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in Sun Life Financial during the 4th quarter valued at about $398,037,000. Morgan Stanley lifted its stake in Sun Life Financial by 86.6% in the 4th quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after purchasing an additional 1,834,772 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Sun Life Financial by 2,187.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock worth $100,276,000 after purchasing an additional 1,531,200 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of Sun Life Financial by 27.1% during the 4th quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock worth $373,984,000 after purchasing an additional 1,277,583 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Sun Life Financial by 123.4% in the fourth quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock valued at $140,339,000 after purchasing an additional 1,240,241 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Company Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.