Sun Life Financial (NYSE:SLF) Sees Large Volume Increase – Here’s What Happened

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) saw unusually-high trading volume on Tuesday . Approximately 5,797,400 shares were traded during mid-day trading, an increase of 749% from the previous session’s volume of 683,023 shares.The stock last traded at $79.42 and had previously closed at $79.05.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SLF. Royal Bank Of Canada lifted their price target on Sun Life Financial from $98.00 to $119.00 and gave the stock a “sector perform” rating in a report on Monday, August 10th. TD Cowen restated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Evercore lowered Sun Life Financial from an “outperform” rating to an “in-line” rating in a research report on Monday, July 13th. Barclays reissued an “underweight” rating on shares of Sun Life Financial in a report on Friday, August 7th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Sun Life Financial Stock Down 0.0%

The firm has a market capitalization of $44.04 billion, a PE ratio of 18.47 and a beta of 0.88. The stock has a 50-day simple moving average of $80.26 and a 200-day simple moving average of $72.33.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.07. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%.The company had revenue of $10.10 billion during the quarter, compared to the consensus estimate of $994.33 million. Equities analysts forecast that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Wednesday, August 26th. Sun Life Financial’s dividend payout ratio (DPR) is currently 66.12%.

Institutional Trading of Sun Life Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. Louisbourg Investments Inc. boosted its holdings in Sun Life Financial by 3.0% in the 1st quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider’s stock worth $319,000 after buying an additional 150 shares during the period. Cornerstone Planning Group LLC raised its holdings in Sun Life Financial by 68.4% during the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 167 shares during the period. Candriam S.C.A. raised its holdings in Sun Life Financial by 1.8% during the 1st quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider’s stock valued at $612,000 after acquiring an additional 177 shares during the period. HB Wealth Management LLC lifted its position in shares of Sun Life Financial by 4.7% during the first quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 187 shares in the last quarter. Finally, Sei Investments Co. lifted its position in shares of Sun Life Financial by 3.5% during the first quarter. Sei Investments Co. now owns 5,788 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 196 shares in the last quarter. 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.