Sun Life Financial (NYSE:SLF) Hits New 52-Week High – Still a Buy?

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $81.60 and last traded at $81.2710, with a volume of 636430 shares trading hands. The stock had previously closed at $79.53.

Analysts Set New Price Targets

Several research analysts have recently commented on SLF shares. TD Securities reiterated a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. Wall Street Zen upgraded shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Finally, Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a report on Tuesday, July 7th. 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, Sun Life Financial presently has a consensus rating of “Moderate Buy” and an average target price of $84.67.

Sun Life Financial Stock Up 2.2%

The stock’s 50-day simple moving average is $75.38 and its 200 day simple moving average is $68.68. The company has a market cap of $45.30 billion, a price-to-earnings ratio of 20.95 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The business 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 last year, the business earned $1.82 earnings per share. On average, sell-side analysts expect that Sun Life Financial Inc. will post 5.73 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 a boost 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 payout ratio is 72.94%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of Sun Life Financial during the first quarter worth $25,000. Cornerstone Planning Group LLC raised its holdings in shares of Sun Life Financial by 68.4% in the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock valued at $26,000 after buying an additional 167 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in shares of Sun Life Financial in the 4th quarter valued at $30,000. Sittner & Nelson LLC acquired a new position in Sun Life Financial during the 4th quarter worth about $33,000. Finally, Scarborough Advisors LLC purchased a new position in Sun Life Financial during the 1st quarter valued at about $33,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

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.