Sun Life Financial (NYSE:SLF) Sees Large Volume Increase – Time to Buy?

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) saw strong trading volume on Tuesday . 5,797,400 shares traded hands 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 Analysts Forecast Growth

Several research firms have recently commented on SLF. Evercore downgraded Sun Life Financial from an “outperform” rating to an “in-line” rating in a report on Monday, July 13th. TD Cowen reaffirmed a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Weiss Ratings raised Sun Life Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, August 11th. Barclays reaffirmed an “underweight” rating on shares of Sun Life Financial in a research note on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.33.

Sun Life Financial Stock Performance

The company’s 50-day moving average price is $80.33 and its 200 day moving average price is $72.54. The stock has a market capitalization of $44.06 billion, a P/E ratio of 18.48 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $994.33 million. Analysts predict that Sun Life Financial Inc. will post 5.72 earnings per share for the current year.

Sun Life Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Wednesday, August 26th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, August 26th. Sun Life Financial’s dividend payout ratio is 66.12%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC bought a new stake in shares of Sun Life Financial in the 1st quarter valued at about $25,000. Cornerstone Planning Group LLC boosted its holdings in shares of Sun Life Financial by 68.4% in the 4th 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 in the last quarter. First Bancorp Inc ME purchased a new position in Sun Life Financial in the second quarter worth $35,000. Brown Brothers Harriman & Co. purchased a new position in Sun Life Financial during the 4th quarter worth $30,000. Finally, Sittner & Nelson LLC purchased a new stake in shares of Sun Life Financial during the fourth quarter worth about $33,000. 52.26% of the stock is currently owned by 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.