Sun Life Financial (TSE:SLF) Hits New 52-Week High Following Dividend Announcement

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF)’s stock price hit a new 52-week high during trading on Tuesday following a dividend announcement from the company. The company traded as high as C$80.82 and last traded at C$79.35, with a volume of 134964 shares trading hands. The stock had previously closed at C$77.45.

The newly announced dividend which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be paid a $0.84 dividend. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.81. This represents a $3.36 annualized dividend and a dividend yield of 4.20%. Sun Life Financial’s payout ratio is presently 61.36%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SLF shares. CIBC boosted their price target on shares of Sun Life Financial from C$80.00 to C$90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. TD Securities boosted their target price on shares of Sun Life Financial from C$77.00 to C$81.00 in a report on Tuesday. Jefferies Financial Group raised their price target on Sun Life Financial from C$81.00 to C$89.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Cormark raised their target price on Sun Life Financial from C$82.00 to C$85.00 in a research note on Tuesday. Finally, National Bankshares lifted their target price on Sun Life Financial from C$72.00 to C$73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Sun Life Financial has a consensus rating of “Moderate Buy” and an average price target of C$81.00.

Sun Life Financial Trading Up 3.2 %

The company has a debt-to-equity ratio of 53.77, a quick ratio of 84,866.00 and a current ratio of 65.29. The firm has a 50-day moving average of C$76.93 and a 200-day moving average of C$71.57. The firm has a market capitalization of C$46.08 billion, a P/E ratio of 15.14, a price-to-earnings-growth ratio of 1.33 and a beta of 0.94.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last announced its quarterly earnings results on Monday, August 12th. The financial services provider reported C$1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.58 by C$0.13. The company had revenue of C$8.92 billion for the quarter, compared to the consensus estimate of C$9.18 billion. Sun Life Financial had a return on equity of 13.65% and a net margin of 9.90%. On average, equities research analysts anticipate that Sun Life Financial Inc. will post 6.9230769 EPS for the current fiscal year.

Insider Activity at Sun Life Financial

In other news, Director Stephanie Coyles bought 500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was purchased at an average price of C$70.00 per share, with a total value of C$35,000.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at approximately C$35,000. In other Sun Life Financial news, Director Stephanie Coyles purchased 500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of C$70.00 per share, for a total transaction of C$35,000.00. Following the purchase, the director now directly owns 500 shares in the company, valued at C$35,000. Also, Senior Officer Daniel Fishbein sold 15,999 shares of Sun Life Financial stock in a transaction dated Friday, August 16th. The shares were sold at an average price of C$71.40, for a total transaction of C$1,142,323.80. 0.03% of the stock is owned by corporate insiders.

Sun Life Financial Company Profile

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.