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 mid-day trading on Thursday . The company traded as high as $75.04 and last traded at $74.8980, with a volume of 843559 shares trading hands. The stock had previously closed at $73.97.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SLF shares. TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Argus set a $81.00 target price on Sun Life Financial in a research report on Wednesday. Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a research report on Wednesday, April 29th. Finally, National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Sun Life Financial currently has a consensus rating of “Moderate Buy” and an average target price of $84.67.

Sun Life Financial Stock Up 1.3%

The company has a 50-day moving average of $70.17 and a 200 day 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 posted its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, topping the consensus estimate 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 business had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $925.99 million. During the same period in the previous year, the business earned $1.82 earnings per share. As a group, equities analysts anticipate that Sun Life Financial Inc. will post 5.71 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

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

Institutional Investors Weigh In On Sun Life Financial

Several hedge funds have recently added to or reduced their stakes in the company. Louisbourg Investments Inc. lifted its stake in Sun Life Financial by 3.0% during the first quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider’s stock worth $319,000 after purchasing an additional 150 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake 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. Candriam S.C.A. lifted its stake in Sun Life Financial by 1.8% during the first quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider’s stock worth $612,000 after purchasing an additional 177 shares during the last quarter. HB Wealth Management LLC lifted its stake in Sun Life Financial by 4.7% during the first quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 187 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Sun Life Financial by 3.5% during the first quarter. Sei Investments Co. now owns 5,788 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 196 shares during the last quarter. Institutional investors own 52.26% of the company’s stock.

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.