Sun Life Financial (NYSE:SLF) Sets New 1-Year High - Here's What Happened

Shares of Sun Life Financial Inc. (NYSE:SLF - Get Free Report) TSE: SLF hit a new 52-week high on Tuesday . The company traded as high as $64.54 and last traded at $64.21, with a volume of 45997 shares trading hands. The stock had previously closed at $63.63.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SLF shares. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. Royal Bank of Canada increased their price objective on Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Scotiabank restated an "outperform" rating on shares of Sun Life Financial in a report on Thursday, May 1st. Cormark raised shares of Sun Life Financial from a "hold" rating to a "moderate buy" rating in a research report on Thursday, February 13th. Finally, Wall Street Zen lowered Sun Life Financial from a "buy" rating to a "hold" rating in a report on Wednesday, February 5th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

Sun Life Financial Stock Up 0.6%

The business's 50 day simple moving average is $58.92 and its 200 day simple moving average is $58.57. The stock has a market cap of $36.21 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 1.52 and a beta of 0.90.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings data on Thursday, May 8th. The financial services provider reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.05. Sun Life Financial had a return on equity of 16.86% and a net margin of 8.08%. The business had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period last year, the firm posted $1.40 earnings per share. Equities research analysts forecast that Sun Life Financial Inc. will post 5.19 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Wednesday, May 28th will be issued a $0.6332 dividend. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Wednesday, May 28th. This represents a $2.53 annualized dividend and a yield of 3.95%. Sun Life Financial's payout ratio is presently 62.09%.

Hedge Funds Weigh In On Sun Life Financial

Several institutional investors have recently made changes to their positions in SLF. Benjamin Edwards Inc. grew its position in Sun Life Financial by 3.4% in the 1st quarter. Benjamin Edwards Inc. now owns 5,052 shares of the financial services provider's stock worth $289,000 after purchasing an additional 167 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Sun Life Financial by 1.7% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 10,801 shares of the financial services provider's stock worth $618,000 after purchasing an additional 180 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Sun Life Financial by 2.1% during the 4th quarter. Private Advisor Group LLC now owns 8,643 shares of the financial services provider's stock valued at $513,000 after buying an additional 181 shares in the last quarter. HighPoint Advisor Group LLC grew its holdings in shares of Sun Life Financial by 4.4% during the 1st quarter. HighPoint Advisor Group LLC now owns 4,330 shares of the financial services provider's stock valued at $256,000 after purchasing an additional 181 shares during the last quarter. Finally, Checchi Capital Advisers LLC grew its holdings in Sun Life Financial by 5.4% in the 4th quarter. Checchi Capital Advisers LLC now owns 3,719 shares of the financial services provider's stock worth $221,000 after acquiring an additional 192 shares during the last quarter. Institutional investors and hedge funds own 52.26% of the company's stock.

About Sun Life Financial

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.