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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $78.98 and last traded at $79.0670, with a volume of 58647 shares traded. The stock had previously closed at $78.42.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SLF shares. Argus set a $81.00 price objective on Sun Life Financial in a report on Wednesday, June 10th. Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a research note on Wednesday, April 29th. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Friday, May 8th. TD Securities restated a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.67.

Sun Life Financial Price Performance

The business has a 50 day moving average price of $73.55 and a 200 day moving average price of $67.27. The stock has a market capitalization of $43.79 billion, a PE ratio of 20.36 and a beta of 0.89.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $925.99 million. During the same period in the previous year, the company posted $1.82 EPS. On average, equities analysts expect that Sun Life Financial Inc. will post 5.76 earnings per share for the current year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th were issued a dividend of $0.96 per share. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Wednesday, May 27th. Sun Life Financial’s payout ratio is 72.94%.

Hedge Funds Weigh In On Sun Life Financial

Large investors have recently made changes to their positions in the business. Cassaday & Co Wealth Management LLC acquired a new stake in Sun Life Financial during the first quarter valued at $25,000. Cornerstone Planning Group LLC boosted its position 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 in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in Sun Life Financial in the fourth quarter valued at approximately $30,000. Sittner & Nelson LLC purchased a new stake in shares of Sun Life Financial in the fourth quarter valued at approximately $33,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Sun Life Financial in the first quarter valued at approximately $33,000. 52.26% of the stock is owned by institutional investors and hedge funds.

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.