Sun Life Financial (NYSE:SLF) Reaches New 52-Week High - Here's Why

Key Points

• Shares of Sun Life Financial reached a new 52-week high of $70.65 in mid‑day trading (last at $70.33) on volume of about 656,301 shares.
• Analyst coverage is mixed with an average rating of Hold and a consensus price target of $86.50 (breakdown: 1 Strong Buy, 4 Buy, 5 Hold, 1 Sell).
• The company beat quarterly EPS estimates ($1.41 vs. $1.35) with revenue in line with expectations, has a market cap of roughly $38.96 billion and pays a quarterly dividend that yields 5.2% annually ($3.68, 61.36% payout ratio).

Shares of Sun Life Financial Inc. (NYSE:SLF - Get Free Report) TSE: SLF reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $70.65 and last traded at $70.3250, with a volume of 656301 shares. The stock had previously closed at $70.28.

Analyst Ratings Changes

SLF has been the subject of a number of research reports. TD Securities reissued a "buy" rating on shares of Sun Life Financial in a research note on Thursday, February 12th. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research note on Friday, February 13th. Evercore reissued an "outperform" rating on shares of Sun Life Financial in a research note on Thursday, February 19th. Barclays reissued an "underweight" rating on shares of Sun Life Financial in a research note on Thursday, January 8th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Sun Life Financial in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $86.50.

Sun Life Financial Stock Up 0.1%

The firm has a market cap of $38.96 billion, a PE ratio of 15.98 and a beta of 0.87. The stock's fifty day simple moving average is $64.99 and its two-hundred day simple moving average is $62.58.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.06. The business had revenue of $973.53 million for the quarter, compared to analysts' expectations of $973.53 million. Sun Life Financial had a net margin of 8.48% and a return on equity of 17.76%. During the same quarter in the prior year, the company earned $1.68 earnings per share. On average, equities research analysts anticipate that Sun Life Financial Inc. will post 5.7 earnings per share for the current fiscal year.

Sun Life Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Wednesday, February 25th were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Wednesday, February 25th. Sun Life Financial's dividend payout ratio is 61.36%.

Institutional Investors Weigh In On Sun Life Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cornerstone Planning Group LLC grew its holdings in Sun Life Financial by 68.4% in the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider's stock worth $26,000 after purchasing an additional 167 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in Sun Life Financial in the fourth quarter worth about $30,000. Sittner & Nelson LLC purchased a new stake in Sun Life Financial in the fourth quarter worth about $33,000. Smartleaf Asset Management LLC grew its holdings in Sun Life Financial by 184.1% in the third quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider's stock worth $35,000 after purchasing an additional 381 shares during the period. Finally, Westside Investment Management Inc. grew its holdings in shares of Sun Life Financial by 38.6% during the third quarter. Westside Investment Management Inc. now owns 801 shares of the financial services provider's stock valued at $48,000 after buying an additional 223 shares during the last quarter. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.