Sun Life Financial (NYSE:SLF) Hits New 52-Week High – Here’s What Happened

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $59.82 and last traded at $59.80, with a volume of 16964 shares changing hands. The stock had previously closed at $59.23.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. StockNews.com upgraded Sun Life Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Barclays assumed coverage on shares of Sun Life Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock.

Sun Life Financial Stock Up 0.5 %

The firm has a 50 day moving average of $56.92 and a 200-day moving average of $52.66. The company has a market cap of $37.71 billion, a P/E ratio of 13.33, a PEG ratio of 1.53 and a beta of 1.01.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.18 by $0.07. The firm had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.72 billion. Sun Life Financial had a return on equity of 17.44% and a net margin of 7.32%. On average, research analysts predict that Sun Life Financial Inc. will post 4.85 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, November 27th will be paid a dividend of $0.621 per share. This represents a $2.48 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Wednesday, November 27th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s payout ratio is 52.34%.

Hedge Funds Weigh In On Sun Life Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Sun Life Financial by 1.6% in the first quarter. Vanguard Group Inc. now owns 23,241,910 shares of the financial services provider’s stock worth $1,268,543,000 after buying an additional 359,028 shares during the last quarter. Mackenzie Financial Corp increased its stake in Sun Life Financial by 2.9% during the 2nd quarter. Mackenzie Financial Corp now owns 14,703,533 shares of the financial services provider’s stock worth $721,042,000 after buying an additional 407,913 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in Sun Life Financial by 5.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 10,216,206 shares of the financial services provider’s stock valued at $500,492,000 after purchasing an additional 499,009 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Sun Life Financial by 13.9% during the second quarter. The Manufacturers Life Insurance Company now owns 8,601,980 shares of the financial services provider’s stock worth $421,167,000 after acquiring an additional 1,049,244 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in shares of Sun Life Financial by 5.0% in the second quarter. Toronto Dominion Bank now owns 6,975,205 shares of the financial services provider’s stock valued at $341,715,000 after purchasing an additional 332,641 shares in the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

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.