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

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$20.30 and last traded at C$100.84, with a volume of 1644234 shares changing hands. The stock had previously closed at C$100.26.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. National Bank Financial lowered their price objective on shares of Sun Life Financial from C$109.00 to C$108.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th. TD boosted their price objective on shares of Sun Life Financial from C$102.00 to C$107.00 and gave the company a “buy” rating in a research 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. Royal Bank Of Canada boosted their price objective on shares of Sun Life Financial from C$83.00 to C$95.00 and gave the company a “sector perform” rating in a research report on Friday, February 13th. Finally, Scotiabank boosted their price objective on shares of Sun Life Financial from C$93.00 to C$96.00 and gave the company a “sector perform” rating in a research report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$101.60.

Sun Life Financial Trading Up 0.1%

The company has a market capitalization of C$55.95 billion, a PE ratio of 18.80, a PEG ratio of 1.33 and a beta of 0.73. The firm’s 50-day simple moving average is C$92.83 and its 200-day simple moving average is C$88.34.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported C$1.89 earnings per share (EPS) for the quarter. Sun Life Financial had a net margin of 9.12% and a return on equity of 12.98%. The company had revenue of C$8.73 billion during the quarter. As a group, analysts anticipate that Sun Life Financial Inc. will post 6.9230769 EPS for the current year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Wednesday, May 27th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s dividend payout ratio is currently 67.04%.

Insider Transactions at Sun Life Financial

In other news, insider Jacques Jr. Goulet sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of C$97.80, for a total value of C$3,423,000.00. Following the completion of the sale, the insider owned 1,054 shares of the company’s stock, valued at approximately C$103,081.20. This represents a 97.08% decrease in their position. Also, Director Kevin Strain sold 104,744 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of C$96.99, for a total transaction of C$10,159,120.56. Following the completion of the sale, the director directly owned 42,000 shares of the company’s stock, valued at C$4,073,580. The trade was a 71.38% decrease in their position. In the last quarter, insiders sold 164,537 shares of company stock valued at $15,984,217. Company 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.