Sun Life Financial Inc. (NYSE:SLF – Get Free Report) (TSE:SLF)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $78.98 and last traded at $79.0670, with a volume of 58647 shares trading hands. The stock had previously closed at $78.42.
Analysts Set New Price Targets
SLF has been the subject of a number of analyst reports. TD Securities restated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Friday, April 24th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. TD Cowen restated a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, Wall Street Zen lowered Sun Life Financial from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.67.
Check Out Our Latest Stock Report on Sun Life Financial
Sun Life Financial Trading Up 1.0%
Sun Life Financial (NYSE:SLF – Get Free Report) (TSE:SLF) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $925.99 million. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. During the same period in the prior year, the firm earned $1.82 earnings per share. Equities research analysts expect that Sun Life Financial Inc. will post 5.76 EPS for the current year.
Sun Life Financial Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th were issued a dividend of $0.96 per share. The ex-dividend date was Wednesday, May 27th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 annualized dividend and a dividend yield of 4.8%. Sun Life Financial’s dividend payout ratio (DPR) is currently 72.94%.
Institutional Trading of Sun Life Financial
Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Sun Life Financial by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 25,884,084 shares of the financial services provider’s stock valued at $1,615,788,000 after acquiring an additional 534,772 shares during the last quarter. Bank of Nova Scotia lifted its position in Sun Life Financial by 14.7% during the 1st quarter. Bank of Nova Scotia now owns 6,869,280 shares of the financial services provider’s stock valued at $430,244,000 after purchasing an additional 878,031 shares during the period. Norges Bank acquired a new position in Sun Life Financial during the 4th quarter valued at about $398,037,000. Geode Capital Management LLC boosted its stake in shares of Sun Life Financial by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 5,529,609 shares of the financial services provider’s stock valued at $353,181,000 after purchasing an additional 347,041 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Sun Life Financial by 86.6% during the 4th quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after buying an additional 1,834,772 shares during the period. 52.26% of the stock is owned by institutional investors.
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.
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