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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $61.63 and last traded at $61.53, with a volume of 164759 shares trading hands. The stock had previously closed at $60.81.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Tuesday. Barclays initiated coverage on Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company.

Sun Life Financial Stock Performance

The company has a market capitalization of $35.22 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.58 and a beta of 1.01. The firm has a 50 day moving average price of $57.89 and a two-hundred day moving average price of $53.19.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.621 per share. This represents a $2.48 dividend on an annualized basis and a yield of 4.06%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, November 27th. Sun Life Financial’s payout ratio is 52.34%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers lifted its holdings in shares of Sun Life Financial by 108.3% in the 1st quarter. Cetera Investment Advisers now owns 64,240 shares of the financial services provider’s stock valued at $3,506,000 after acquiring an additional 33,401 shares during the last quarter. Tyler Stone Wealth Management increased its position 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 acquiring an additional 8,727 shares during the period. Bessemer Group Inc. raised its holdings in Sun Life Financial by 845.9% in the 1st quarter. Bessemer Group Inc. now owns 20,478 shares of the financial services provider’s stock valued at $1,117,000 after acquiring an additional 18,313 shares during the last quarter. M&G Plc bought a new stake in shares of Sun Life Financial in the 2nd quarter valued at approximately $1,520,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Sun Life Financial by 10.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,681,115 shares of the financial services provider’s stock valued at $131,480,000 after purchasing an additional 252,671 shares during the last quarter. 52.26% of the stock is 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.