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

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF)’s stock price hit a new 52-week high on Monday . The company traded as high as C$18.70 and last traded at C$86.00, with a volume of 1125070 shares trading hands. The stock had previously closed at C$85.41.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SLF. Jefferies Financial Group upped their target price on shares of Sun Life Financial from C$96.00 to C$98.00 in a research note on Monday, November 10th. Cibc Captl Mkts downgraded Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 29th. TD Securities decreased their target price on Sun Life Financial from C$101.00 to C$99.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Royal Bank Of Canada lowered Sun Life Financial from a “moderate buy” rating to a “hold” rating in a research report on Friday, November 7th. Finally, CIBC decreased their price objective on Sun Life Financial from C$94.00 to C$93.00 in a research report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of C$91.44.

Sun Life Financial Trading Up 0.7%

The firm has a 50-day moving average of C$83.78 and a 200 day moving average of C$83.96. The company has a market cap of C$47.91 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.33 and a beta of 0.74. The company has a current ratio of 92.19, a quick ratio of 84,866.00 and a debt-to-equity ratio of 26.00.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported C$1.86 earnings per share (EPS) for the quarter. The firm had revenue of C$9.07 billion for the quarter. Sun Life Financial had a return on equity of 15.69% and a net margin of 7.58%. On average, analysts predict that Sun Life Financial Inc. will post 6.9230769 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 4.3%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Wednesday, November 26th. Sun Life Financial’s payout ratio is presently 65.15%.

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.