Sun Life Financial (NYSE:SLF) Sees Strong Trading Volume – Here’s Why

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) saw unusually-strong trading volume on Tuesday . Approximately 5,711,651 shares were traded during mid-day trading, an increase of 772% from the previous session’s volume of 655,261 shares.The stock last traded at $73.10 and had previously closed at $73.08.

Analyst Ratings Changes

A number of analysts recently weighed in on SLF shares. Scotiabank reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research note on Wednesday, April 29th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research note on Friday, February 13th. Wall Street Zen lowered shares of Sun Life Financial from a “hold” rating to a “sell” rating in a research note on Saturday. TD Cowen reaffirmed a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Finally, Evercore reaffirmed an “outperform” rating on shares of Sun Life Financial in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Sun Life Financial currently has an average rating of “Moderate Buy” and a consensus target price of $86.50.

Sun Life Financial Price Performance

The firm has a market capitalization of $44.26 billion, a P/E ratio of 18.81 and a beta of 0.91. The stock’s fifty day simple moving average is $67.75 and its 200 day simple moving average is $64.23.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The business had revenue of $6.41 billion during the quarter, compared to the consensus estimate 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 previous year, the company posted $1.82 earnings per share. As a group, sell-side analysts forecast that Sun Life Financial Inc. will post 5.74 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 5.3%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date is Wednesday, May 27th. Sun Life Financial’s dividend payout ratio is currently 69.59%.

Hedge Funds Weigh In On Sun Life Financial

Several hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC increased its holdings in shares of Sun Life Financial by 33.4% during the first quarter. Janus Henderson Group PLC now owns 83,904 shares of the financial services provider’s stock valued at $5,243,000 after acquiring an additional 20,993 shares in the last quarter. Oddo BHF Asset Management Sas increased its holdings in shares of Sun Life Financial by 4.3% during the first quarter. Oddo BHF Asset Management Sas now owns 87,316 shares of the financial services provider’s stock valued at $5,462,000 after acquiring an additional 3,600 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Sun Life Financial by 44.6% during the first quarter. EverSource Wealth Advisors LLC now owns 3,567 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 1,101 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Sun Life Financial during the first quarter valued at about $1,339,000. Finally, Quantinno Capital Management LP increased its holdings in shares of Sun Life Financial by 30.5% during the first quarter. Quantinno Capital Management LP now owns 189,760 shares of the financial services provider’s stock valued at $11,871,000 after acquiring an additional 44,355 shares in the last quarter. 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.