Sun Life Financial (NYSE:SLF) Reaches New 52-Week High - Should You Buy?

Sun Life Financial Inc. (NYSE:SLF - Get Free Report) TSE: SLF reached a new 52-week high on Wednesday . The company traded as high as $63.78 and last traded at $63.45, with a volume of 337417 shares traded. The stock had previously closed at $63.20.

Wall Street Analysts Forecast Growth

SLF has been the topic of several recent analyst reports. Cormark raised Sun Life Financial from a "hold" rating to a "moderate buy" rating in a research note on Thursday, February 13th. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. Wall Street Zen lowered shares of Sun Life Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, February 5th. Scotiabank reiterated an "outperform" rating on shares of Sun Life Financial in a research note on Thursday, May 1st. Finally, Royal Bank of Canada boosted their price target on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, May 12th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Sun Life Financial has an average rating of "Moderate Buy" and an average price target of $88.00.

Sun Life Financial Stock Up 0.8%

The firm's 50 day simple moving average is $58.48 and its 200-day simple moving average is $58.46. The company has a market capitalization of $35.94 billion, a PE ratio of 16.57, a P/E/G ratio of 1.52 and a beta of 0.90.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its quarterly earnings data on Thursday, May 8th. The financial services provider reported $1.27 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.05. The company had revenue of $7.91 billion during the quarter, compared to analysts' expectations of $6.44 billion. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. During the same period in the prior year, the company posted $1.40 EPS. As a group, sell-side analysts anticipate that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Wednesday, May 28th will be issued a $0.6332 dividend. The ex-dividend date of this dividend is Wednesday, May 28th. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.59. This represents a $2.53 annualized dividend and a dividend yield of 3.98%. Sun Life Financial's payout ratio is 62.09%.

Institutional Investors Weigh In On Sun Life Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in Sun Life Financial by 34.0% during the 4th quarter. Principal Financial Group Inc. now owns 23,633 shares of the financial services provider's stock worth $1,403,000 after acquiring an additional 6,000 shares during the period. CIBC Asset Management Inc raised its holdings in Sun Life Financial by 10.8% during the fourth quarter. CIBC Asset Management Inc now owns 7,192,059 shares of the financial services provider's stock worth $427,712,000 after purchasing an additional 703,391 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Sun Life Financial by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,596,439 shares of the financial services provider's stock valued at $94,743,000 after buying an additional 15,908 shares in the last quarter. Intact Investment Management Inc. grew its stake in shares of Sun Life Financial by 295.5% in the 4th quarter. Intact Investment Management Inc. now owns 1,911,027 shares of the financial services provider's stock worth $113,453,000 after purchasing an additional 1,427,815 shares during the last quarter. Finally, Bleakley Financial Group LLC bought a new position in shares of Sun Life Financial in the fourth quarter valued at $526,000. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Company Profile

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.