Sun Life Financial (TSE:SLF) Sets New 52-Week High – Here’s Why

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF)’s stock price hit a new 52-week high on Thursday . The company traded as high as C$106.47 and last traded at C$105.67, with a volume of 730208 shares. The stock had previously closed at C$104.47.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SLF shares. Jefferies Financial Group raised their target price on shares of Sun Life Financial from C$103.00 to C$115.00 in a report on Friday, May 1st. TD Securities reduced their target price on shares of Sun Life Financial from C$104.00 to C$102.00 and set a “buy” rating for the company in a report on Thursday, February 12th. National Bank Financial reduced their target price on shares of Sun Life Financial from C$109.00 to C$108.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Desjardins set a C$101.00 target price on shares of Sun Life Financial and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Canadian Imperial Bank of Commerce raised their target price on shares of Sun Life Financial from C$95.00 to C$102.00 in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$101.60.

Sun Life Financial Stock Performance

The business’s 50 day moving average is C$96.65 and its 200 day moving average is C$90.00. The stock has a market cap of C$58.81 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 1.33 and a beta of 0.84.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported C$1.89 EPS for the quarter. Sun Life Financial had a net margin of 9.12% and a return on equity of 12.98%. The firm had revenue of C$8.73 billion during the quarter. Research analysts expect that Sun Life Financial Inc. will post 6.9230769 earnings per share for the current year.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $3.84 dividend on an annualized basis and a yield of 3.6%. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s dividend payout ratio (DPR) is 67.04%.

Insider Transactions at Sun Life Financial

In related news, insider Melissa Jane Kennedy sold 7,366 shares of the firm’s stock in a transaction that occurred on Monday, May 25th. The shares were sold at an average price of C$101.49, for a total value of C$747,575.34. Following the completion of the transaction, the insider owned 13,916 shares of the company’s stock, valued at approximately C$1,412,334.84. This trade represents a 34.61% decrease in their position. Also, insider Jacques Jr. Goulet sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of C$97.80, for a total transaction of C$3,423,000.00. Following the completion of the transaction, the insider directly owned 1,054 shares of the company’s stock, valued at C$103,081.20. This represents a 97.08% decrease in their position. In the last ninety days, insiders have sold 380,998 shares of company stock worth $38,271,605. 0.03% of the stock is currently owned by insiders.

About Sun Life Financial

Sun Life Financial is one of Canada’s Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm. Sun Life generates about a third of its profit from asset-management operations.