Sun Life Financial (NYSE:SLF) Hits New 12-Month High – What’s Next?

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $82.25 and last traded at $82.0280, with a volume of 66482 shares changing hands. The stock had previously closed at $81.41.

Wall Street Analysts Forecast Growth

SLF has been the topic of a number of research reports. Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings restated a “buy (b)” rating on shares of Sun Life Financial in a research note on Monday, July 6th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. TD Cowen reaffirmed a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, National Bank Financial raised Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Trading Up 1.0%

The business’s fifty day moving average price is $76.88 and its two-hundred day moving average price is $69.56. The firm has a market cap of $45.81 billion, a P/E ratio of 21.18 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $925.99 million. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. During the same period in the prior year, the company posted $1.82 earnings per share. Research analysts predict that Sun Life Financial Inc. will post 5.69 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were issued a $0.96 dividend. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, May 27th. This represents a $3.84 annualized dividend and a yield of 4.7%. Sun Life Financial’s dividend payout ratio is presently 72.94%.

Hedge Funds Weigh In On Sun Life Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cassaday & Co Wealth Management LLC bought a new stake in shares of Sun Life Financial during the 1st quarter worth $25,000. Cornerstone Planning Group LLC lifted its position in Sun Life Financial by 68.4% during the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 167 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in Sun Life Financial during the fourth quarter valued at about $30,000. Sittner & Nelson LLC bought a new stake in Sun Life Financial during the fourth quarter valued at about $33,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Sun Life Financial in the first quarter valued at about $33,000. Institutional investors and hedge funds 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.