Sun Life Financial (NYSE:SLF) Stock Price Breaks Above 50-Day Moving Average – Here’s What Happened

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $79.27 and traded as high as $79.93. Sun Life Financial shares last traded at $79.5290, with a volume of 254,135 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SLF. UBS Group restated a “neutral” rating on shares of Sun Life Financial in a research report on Wednesday, September 2nd. Weiss Ratings raised shares of Sun Life Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, August 31st. Argus raised their price objective on Sun Life Financial from $81.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Wall Street Zen upgraded Sun Life Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 26th. Finally, Barclays reissued an “underweight” rating on shares of Sun Life Financial in a research report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Sun Life Financial currently has an average rating of “Moderate Buy” and an average target price of $103.50.

Sun Life Financial Stock Performance

The firm has a market cap of $44.17 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 1.96 and a beta of 0.89. The firm has a 50-day moving average price of $79.27 and a two-hundred day moving average price of $72.85.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.07. The firm had revenue of $10.10 billion during the quarter, compared to analysts’ expectations of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. Research analysts anticipate that Sun Life Financial Inc. will post 5.77 earnings per share for the current year.

Sun Life Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th were issued a dividend of C$0.96 per share. The ex-dividend date of this dividend was Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a yield of 4.8%. Sun Life Financial’s dividend payout ratio (DPR) is presently 63.79%.

Hedge Funds Weigh In On Sun Life Financial

Several large investors have recently bought and sold shares of SLF. Signaturefd LLC boosted its holdings in shares of Sun Life Financial by 1.8% in the third quarter. Signaturefd LLC now owns 30,272 shares of the financial services provider’s stock valued at $2,360,000 after acquiring an additional 529 shares during the period. Lorne Steinberg Wealth Management Inc. lifted its position in Sun Life Financial by 1.5% in the third quarter. Lorne Steinberg Wealth Management Inc. now owns 169,514 shares of the financial services provider’s stock valued at $13,212,000 after purchasing an additional 2,581 shares during the period. Carter Financial Group INC. purchased a new stake in shares of Sun Life Financial in the third quarter valued at approximately $274,000. Axxcess Wealth Management LLC boosted its position in shares of Sun Life Financial by 4.6% during the 3rd quarter. Axxcess Wealth Management LLC now owns 3,385 shares of the financial services provider’s stock worth $264,000 after purchasing an additional 149 shares in the last quarter. Finally, Guardian Partners Inc. boosted its holdings in Sun Life Financial by 0.7% during the third quarter. Guardian Partners Inc. now owns 129,094 shares of the financial services provider’s stock worth $10,085,000 after buying an additional 938 shares in the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

About Sun Life Financial

Sun Life Financial Inc (NYSE: SLF) is a Canadian financial services company that provides insurance, wealth, and asset management solutions to individuals, businesses, and institutions. Its offerings include life, health, and dental insurance; retirement and savings products; investment solutions; and employee benefits.

Through its asset management businesses, Sun Life provides investment management and advisory services to institutional and retail clients. The company also offers workplace pension, group insurance, and employee wellness programs, helping employers support the financial security and health of their employees.

Founded in Montreal in 1865, Sun Life serves clients primarily in Canada, the United States, and several Asian markets, including Hong Kong, the Philippines, Indonesia, India, and Vietnam.