Sun Life Financial (NYSE:SLF) Reaches New 52-Week High – What’s Next?

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF)’s share price reached a new 52-week high on Thursday . The stock traded as high as $75.04 and last traded at $74.8980, with a volume of 843559 shares traded. The stock had previously closed at $73.97.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Sun Life Financial from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Finally, TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sun Life Financial currently has an average rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Price Performance

The stock has a market capitalization of $42.40 billion, a P/E ratio of 19.72 and a beta of 0.89. The firm’s 50 day moving average price is $70.71 and its 200 day moving average price is $65.59.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.35 by $0.03. The firm 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 prior year, the firm posted $1.82 earnings per share. On average, equities research analysts forecast that Sun Life Financial Inc. will post 5.76 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. Stockholders 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 dividend yield of 5.0%. This is a positive change 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 payout ratio is currently 72.94%.

Hedge Funds Weigh In On Sun Life Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rathbones Group PLC raised its stake in shares of Sun Life Financial by 1.8% during the first quarter. Rathbones Group PLC now owns 12,950 shares of the financial services provider’s stock valued at $809,000 after acquiring an additional 235 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Sun Life Financial by 15.1% during the first quarter. Parallel Advisors LLC now owns 4,273 shares of the financial services provider’s stock valued at $267,000 after buying an additional 559 shares during the period. Janus Henderson Group PLC increased its position 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 buying an additional 20,993 shares during the period. Oddo BHF Asset Management Sas increased its position 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 buying an additional 3,600 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position 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 buying an additional 1,101 shares during the period. 52.26% of the stock is owned by institutional investors.

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.