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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $75.04 and last traded at $74.8980, with a volume of 843559 shares. The stock had previously closed at $73.97.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Wall Street Zen downgraded Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Evercore reissued an “outperform” rating on shares of Sun Life Financial in a research report on Thursday, February 19th. Finally, TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $84.67.

Sun Life Financial Stock Up 1.3%

The stock has a 50-day simple moving average of $70.17 and a 200-day simple moving average of $65.40. The firm has a market capitalization of $41.50 billion, a PE ratio of 19.30 and a beta of 0.89.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The business 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 earnings per share. Equities analysts forecast that Sun Life Financial Inc. will post 5.71 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Wednesday, May 27th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s dividend payout ratio is presently 72.68%.

Institutional Trading of Sun Life Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in SLF. Norges Bank bought a new stake in shares of Sun Life Financial during the 4th quarter valued at $398,037,000. Morgan Stanley raised its stake in shares of Sun Life Financial by 86.6% during the 4th quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock valued at $246,645,000 after purchasing an additional 1,834,772 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Sun Life Financial by 2,187.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock valued at $100,276,000 after purchasing an additional 1,531,200 shares during the period. Bank of Nova Scotia raised its stake in shares of Sun Life Financial by 27.1% during the 4th quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock valued at $373,984,000 after purchasing an additional 1,277,583 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Sun Life Financial by 123.4% during the 4th quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock valued at $140,339,000 after purchasing an additional 1,240,241 shares during the period. 52.26% of the stock is currently owned by institutional investors.

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.