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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Evercore reissued an “outperform” rating on shares of Sun Life Financial in a report on Thursday, February 19th. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. Scotiabank reissued a “sector perform” rating on shares of Sun Life Financial in a report on Wednesday, April 29th. Wall Street Zen cut Sun Life Financial from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sun Life Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Price Performance

The stock has a 50-day simple moving average of $71.25 and a 200-day simple moving average of $65.89. The stock has a market cap of $43.02 billion, a PE ratio of 20.01 and a beta of 0.90.

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 (EPS) 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 during the quarter, compared to the consensus estimate of $925.99 million. During the same quarter in the previous year, the business earned $1.82 earnings per share. As a group, equities research analysts anticipate that Sun Life Financial Inc. will post 5.76 EPS for the current year.

Sun Life Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th will be given a $0.96 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. Sun Life Financial’s dividend payout ratio (DPR) is currently 72.68%.

Institutional Investors Weigh In On Sun Life Financial

Several institutional investors and hedge funds have recently modified their holdings of SLF. Norges Bank purchased a new stake in shares of Sun Life Financial in the fourth quarter worth about $398,037,000. Morgan Stanley boosted its position in shares of Sun Life Financial by 86.6% in the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after buying an additional 1,834,772 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Sun Life Financial by 2,187.4% in the first 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 buying an additional 1,531,200 shares during the period. Bank of Nova Scotia lifted its stake in shares of Sun Life Financial by 27.1% in the fourth quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock worth $373,984,000 after acquiring an additional 1,277,583 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake 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 worth $140,339,000 after acquiring an additional 1,240,241 shares in the last quarter. Hedge funds and other institutional investors own 52.26% of the company’s stock.

About Sun Life Financial

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.