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

Key Points

• Sun Life Financial shares hit a new 52-week high, trading as high as C$114.53 on Friday and closing near that level, reflecting strong recent price momentum.
• Analysts remain generally positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of C$101.60, even as several firms recently adjusted their targets higher or slightly lower.
• The company boosted its quarterly dividend to C$0.96 per share from C$0.92, implying an annualized yield of about 3.4% and signaling ongoing shareholder returns.

Sun Life Financial Inc. (TSE:SLF - Get Free Report) NYSE: SLF's share price reached a new 52-week high on Friday . The company traded as high as C$114.53 and last traded at C$113.67, with a volume of 176761 shares traded. The stock had previously closed at C$113.81.

Analyst Ratings Changes

SLF has been the subject of a number of recent analyst reports. National Bank Financial dropped their price objective on Sun Life Financial from C$109.00 to C$108.00 and set an "outperform" rating for the company in a report on Thursday, May 7th. Jefferies Financial Group boosted their price objective on shares of Sun Life Financial from C$103.00 to C$115.00 in a research report on Friday, May 1st. Barclays raised their target price on shares of Sun Life Financial from C$84.00 to C$85.00 in a research report on Wednesday, April 8th. BMO Capital Markets boosted their price target on Sun Life Financial from C$99.00 to C$105.00 in a report on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce raised their price objective on Sun Life Financial from C$95.00 to C$102.00 in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of C$101.60.

Sun Life Financial Price Performance

The stock has a fifty day moving average price of C$104.16 and a 200-day moving average price of C$94.15. The firm has a market capitalization of C$62.99 billion, a PE ratio of 21.16, a P/E/G ratio of 1.33 and a beta of 0.79. The company has a debt-to-equity ratio of 32.51, a quick ratio of 84,866.00 and a current ratio of 6.03.

Sun Life Financial (TSE:SLF - Get Free Report) NYSE: SLF last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported C$1.89 EPS for the quarter. Sun Life Financial had a return on equity of 12.89% and a net margin of 9.12%.The firm had revenue of C$8.73 billion during the quarter. Sell-side analysts forecast that Sun Life Financial Inc. will post 6.9230769 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $3.84 dividend on an annualized basis and a yield of 3.4%. This is an increase from Sun Life Financial's previous quarterly dividend of $0.92. Sun Life Financial's payout ratio is presently 67.04%.

Insiders Place Their Bets

In related news, insider Melissa Jane Kennedy sold 7,366 shares of the stock in a transaction that occurred on Monday, May 25th. The shares were sold at an average price of C$101.49, for a total value of C$747,575.34. Following the transaction, the insider owned 13,916 shares in the company, valued at approximately C$1,412,334.84. This represents a 34.61% decrease in their position. Also, insider Helena Janina Pagano sold 17,283 shares of Sun Life Financial stock in a transaction that occurred on Monday, May 25th. The shares were sold at an average price of C$101.32, for a total transaction of C$1,751,113.56. Following the sale, the insider owned 228 shares of the company's stock, valued at approximately C$23,100.96. The trade was a 98.70% decrease in their ownership of the stock. In the last ninety days, insiders sold 380,998 shares of company stock valued at $38,271,605. Insiders own 0.03% of the company's stock.

Sun Life Financial Company Profile

Sun Life Financial is one of Canada's Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm. Sun Life generates about a third of its profit from asset-management operations.

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.