Sun Life Financial (NYSE:SLF) Reaches New 1-Year High – Here’s What Happened

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) shares reached a new 52-week high on Wednesday . The stock traded as high as $80.36 and last traded at $79.9550, with a volume of 420068 shares. The stock had previously closed at $78.99.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SLF shares. Argus set a $81.00 target price on Sun Life Financial in a report on Wednesday, June 10th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Barclays reaffirmed an “underweight” rating on shares of Sun Life Financial in a research note on Tuesday. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Friday, April 24th. Finally, TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Stock Up 1.2%

The stock has a 50 day moving average of $74.42 and a 200 day moving average of $67.94. The company has a market capitalization of $44.61 billion, a price-to-earnings ratio of 20.61 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $925.99 million. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.During the same period last year, the business posted $1.82 EPS. As a group, sell-side analysts anticipate that Sun Life Financial Inc. will post 5.76 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Wednesday, May 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s payout ratio is 72.94%.

Institutional Investors Weigh In On Sun Life Financial

A number of institutional investors and hedge funds have recently bought and sold shares of SLF. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Sun Life Financial in the first quarter valued at about $25,000. Cornerstone Planning Group LLC boosted its holdings in 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 worth $26,000 after purchasing an additional 167 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in Sun Life Financial in the 4th quarter worth about $30,000. Sittner & Nelson LLC purchased a new stake in Sun Life Financial in the 4th quarter valued at about $33,000. Finally, Scarborough Advisors LLC purchased a new stake in Sun Life Financial in the 1st quarter valued at about $33,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

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.