Sun Life Financial (NYSE:SLF) Sees Unusually-High Trading Volume – Here’s Why

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) shares saw strong trading volume on Monday . 3,725,023 shares were traded during mid-day trading, an increase of 456% from the previous session’s volume of 669,699 shares.The stock last traded at $61.57 and had previously closed at $61.18.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SLF shares. StockNews.com lowered shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Barclays assumed coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock.

Sun Life Financial Trading Down 0.9 %

The stock has a fifty day moving average price of $58.18 and a 200 day moving average price of $53.38. The firm has a market cap of $35.08 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.01.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.621 per share. This represents a $2.48 annualized dividend and a yield of 4.08%. The ex-dividend date is Wednesday, November 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s dividend payout ratio (DPR) is 52.34%.

Institutional Trading of Sun Life Financial

A number of institutional investors and hedge funds have recently modified their holdings of SLF. The Manufacturers Life Insurance Company increased its position in Sun Life Financial by 7.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 9,256,384 shares of the financial services provider’s stock worth $537,288,000 after buying an additional 654,404 shares during the period. Cetera Investment Advisers raised its stake in Sun Life Financial by 108.3% during the 1st quarter. Cetera Investment Advisers now owns 64,240 shares of the financial services provider’s stock valued at $3,506,000 after purchasing an additional 33,401 shares during the last quarter. Tyler Stone Wealth Management boosted its holdings in Sun Life Financial by 100.0% in the 3rd quarter. Tyler Stone Wealth Management now owns 17,454 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 8,727 shares during the period. M&G Plc acquired a new stake in Sun Life Financial in the 2nd quarter worth $1,520,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Sun Life Financial by 10.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,681,115 shares of the financial services provider’s stock worth $131,480,000 after purchasing an additional 252,671 shares during the period. 52.26% of the stock is currently owned by institutional investors and hedge funds.

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.