Sun Life Financial (NYSE:SLF) Reaches New 52-Week High Following Dividend Announcement

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) reached a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as $68.35 and last traded at $67.88, with a volume of 373349 shares changing hands. The stock had previously closed at $64.91.

The newly announced dividend which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, February 25th will be paid a dividend of $0.92 per share. The ex-dividend date is Wednesday, February 25th. This represents a $3.68 annualized dividend and a dividend yield of 5.4%. Sun Life Financial’s dividend payout ratio is 69.68%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SLF shares. Scotiabank reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research report on Thursday, February 5th. Barclays reaffirmed an “underweight” rating on shares of Sun Life Financial in a research report on Thursday, January 8th. National Bank Financial reissued a “sector perform” rating on shares of Sun Life Financial in a research report on Thursday, November 6th. UBS Group started coverage on shares of Sun Life Financial in a report on Thursday, October 16th. They set a “neutral” rating for the company. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $84.00 target price on shares of Sun Life Financial in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sun Life Financial currently has an average rating of “Hold” and a consensus target price of $86.50.

Sun Life Financial Stock Up 5.0%

The stock has a market cap of $37.75 billion, a price-to-earnings ratio of 18.05 and a beta of 0.88. The company’s 50-day moving average is $62.39 and its 200-day moving average is $60.60.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SLF. Brighton Jones LLC bought a new position in Sun Life Financial in the 4th quarter valued at $244,000. AQR Capital Management LLC increased its stake in shares of Sun Life Financial by 113.8% in the first quarter. AQR Capital Management LLC now owns 8,022 shares of the financial services provider’s stock valued at $454,000 after buying an additional 4,270 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Sun Life Financial in the second quarter valued at about $204,000. Blue Trust Inc. lifted its position in Sun Life Financial by 26.3% during the 2nd quarter. Blue Trust Inc. now owns 4,341 shares of the financial services provider’s stock worth $288,000 after buying an additional 904 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Sun Life Financial by 20.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 30,441 shares of the financial services provider’s stock worth $2,023,000 after acquiring an additional 5,231 shares during the last quarter. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Company Profile

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.