Sun Life Financial (NYSE:SLF) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $60.42 and traded as high as $63.47. Sun Life Financial shares last traded at $62.8460, with a volume of 508,271 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. TD Securities upgraded Sun Life Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Sun Life Financial in a report on Wednesday, October 8th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $84.00 price target on shares of Sun Life Financial in a report on Monday, November 10th. Morgan Stanley set a $89.00 price objective on shares of Sun Life Financial in a research note on Tuesday, October 7th. Finally, Cibc Captl Mkts lowered shares of Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $86.50.

Sun Life Financial Stock Up 0.2%

The company has a market cap of $34.80 billion, a P/E ratio of 16.71 and a beta of 0.87. The firm’s 50 day moving average is $60.66 and its two-hundred day moving average is $60.42.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.05. Sun Life Financial had a return on equity of 16.93% and a net margin of 7.53%.The business had revenue of $944.53 million during the quarter, compared to analyst estimates of $944.53 million. During the same period last year, the company earned $2.33 EPS. As a group, research analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, November 26th were given a dividend of $0.92 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $3.68 dividend on an annualized basis and a yield of 5.9%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.64. Sun Life Financial’s payout ratio is currently 69.68%.

Institutional Investors Weigh In On Sun Life Financial

A number of institutional investors have recently modified their holdings of SLF. Private Trust Co. NA boosted its position in Sun Life Financial by 130.6% during the second quarter. Private Trust Co. NA now owns 429 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 243 shares during the last quarter. Westside Investment Management Inc. grew its position in shares of Sun Life Financial by 62.8% during the 2nd quarter. Westside Investment Management Inc. now owns 578 shares of the financial services provider’s stock worth $38,000 after buying an additional 223 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Sun Life Financial by 184.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 381 shares in the last quarter. Tobam acquired a new position in shares of Sun Life Financial during the 2nd quarter valued at $44,000. Finally, Addison Advisors LLC lifted its position in shares of Sun Life Financial by 48.8% during the 2nd quarter. Addison Advisors LLC now owns 704 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 231 shares during the period. 52.26% of the stock is owned by institutional investors.

About Sun Life Financial

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.