Sun Life Financial (NYSE:SLF) Sets New 52-Week High – Here’s What Happened

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $70.65 and last traded at $70.3250, with a volume of 656301 shares changing hands. The stock had previously closed at $70.28.

Analyst Ratings Changes

SLF has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research note on Thursday, January 8th. Weiss Ratings restated a “buy (b)” rating on shares of Sun Life Financial in a research note on Wednesday, January 21st. Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a research note on Thursday, February 5th. Wall Street Zen cut shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Sun Life Financial in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $86.50.

Sun Life Financial Stock Performance

The firm has a market cap of $39.05 billion, a price-to-earnings ratio of 16.02 and a beta of 0.87. The business’s 50-day moving average is $65.20 and its 200-day moving average is $62.71.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. The business had revenue of $973.53 million during the quarter, compared to analysts’ expectations of $973.53 million. Sun Life Financial had a net margin of 8.48% and a return on equity of 17.76%. During the same quarter last year, the company posted $1.68 EPS. Equities research analysts expect that Sun Life Financial Inc. will post 5.7 EPS for the current fiscal year.

Sun Life Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Wednesday, February 25th were given a dividend of $0.92 per share. The ex-dividend date was Wednesday, February 25th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.2%. Sun Life Financial’s dividend payout ratio (DPR) is 61.36%.

Institutional Investors Weigh In On Sun Life Financial

A number of hedge funds have recently made changes to their positions in SLF. Canoe Financial LP acquired a new stake in Sun Life Financial in the 1st quarter valued at about $310,000. Janney Montgomery Scott LLC increased its position in Sun Life Financial by 3.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,939 shares of the financial services provider’s stock valued at $872,000 after acquiring an additional 405 shares in the last quarter. Louisbourg Investments Inc. increased its position 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 valued at $319,000 after acquiring an additional 150 shares in the last quarter. Pictet Asset Management Holding SA increased its position in Sun Life Financial by 27.6% in the 1st quarter. Pictet Asset Management Holding SA now owns 420,144 shares of the financial services provider’s stock valued at $26,234,000 after acquiring an additional 90,870 shares in the last quarter. Finally, Summerhill Capital Management lnc. acquired a new stake in Sun Life Financial in the 1st quarter valued at about $380,000. Institutional investors and hedge funds 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.