Sun Life Financial (NYSE:SLF) Reaches New 52-Week High – Here’s Why

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $77.93 and last traded at $77.6420, with a volume of 322103 shares traded. The stock had previously closed at $76.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SLF shares. BMO Capital Markets restated an “outperform” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Scotiabank reiterated a “sector perform” rating on shares of Sun Life Financial in a research note on Wednesday, April 29th. TD Cowen reiterated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Finally, Argus set a $81.00 target price on Sun Life Financial in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.67.

Sun Life Financial Price Performance

The stock has a market capitalization of $43.02 billion, a PE ratio of 20.01 and a beta of 0.90. The stock has a 50 day moving average of $71.25 and a two-hundred day moving average of $65.89.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, beating 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 the consensus estimate of $925.99 million. During the same period in the previous year, the business earned $1.82 earnings per share. As a group, research analysts predict that Sun Life Financial Inc. will post 5.76 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th will be issued a dividend of $0.96 per share. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, May 27th. Sun Life Financial’s payout ratio is presently 72.68%.

Hedge Funds Weigh In On Sun Life Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new position in Sun Life Financial during the first quarter worth $25,000. Cornerstone Planning Group LLC raised its holdings in shares of Sun Life Financial by 68.4% in the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 167 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of Sun Life Financial in the fourth quarter worth $30,000. Sittner & Nelson LLC acquired a new position in shares of Sun Life Financial in the fourth quarter worth $33,000. Finally, Scarborough Advisors LLC acquired a new position in shares of Sun Life Financial in the first quarter worth $33,000. 52.26% of the stock is 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.