Sun Life Financial (NYSE:SLF) Reaches New 52-Week High – What’s Next?

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $82.25 and last traded at $82.0280, with a volume of 66482 shares traded. The stock had previously closed at $81.41.

Analyst Upgrades and Downgrades

SLF has been the topic of a number of recent research reports. Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Sun Life Financial in a report on Monday, July 6th. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Cowen restated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Finally, Argus set a $81.00 price objective on Sun Life Financial in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Trading Up 1.1%

The firm has a market capitalization of $45.85 billion, a P/E ratio of 21.21 and a beta of 0.88. The business’s 50 day simple moving average is $76.68 and its two-hundred day simple moving average is $69.47.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.03. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $925.99 million. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. During the same quarter in the prior year, the firm posted $1.82 earnings per share. Analysts predict that Sun Life Financial Inc. will post 5.69 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were given a $0.96 dividend. 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 payout ratio is currently 72.68%.

Institutional Trading of Sun Life Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cassaday & Co Wealth Management LLC purchased a new position in shares of Sun Life Financial in the first quarter worth $25,000. Cornerstone Planning Group LLC boosted its position in shares of Sun Life Financial by 68.4% during the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock valued at $26,000 after buying an additional 167 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Sun Life Financial during the fourth quarter valued at $30,000. Sittner & Nelson LLC bought a new stake in Sun Life Financial in the 4th quarter worth about $33,000. Finally, Scarborough Advisors LLC bought a new stake in Sun Life Financial in the 1st quarter worth about $33,000. Institutional investors own 52.26% of the company’s stock.

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.