Sun Life Financial (NYSE:SLF) Hits New 12-Month High – Still a Buy?

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) reached a new 52-week high on Thursday . The stock traded as high as $61.63 and last traded at $61.53, with a volume of 164759 shares. The stock had previously closed at $60.81.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SLF. StockNews.com lowered Sun Life Financial from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays began coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company.

Sun Life Financial Price Performance

The stock has a market capitalization of $35.33 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.55 and a beta of 1.01. The firm has a 50 day moving average of $57.68 and a 200-day moving average of $53.08.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, November 27th will be paid a $0.621 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Wednesday, November 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s payout ratio is currently 52.34%.

Institutional Investors Weigh In On Sun Life Financial

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in shares of Sun Life Financial by 61.3% during the 3rd quarter. Barclays PLC now owns 5,907 shares of the financial services provider’s stock valued at $343,000 after acquiring an additional 2,244 shares during the last quarter. Unigestion Holding SA acquired a new stake in shares of Sun Life Financial in the third quarter valued at approximately $11,544,000. Teachers Retirement System of The State of Kentucky lifted its position in Sun Life Financial by 26.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 329,860 shares of the financial services provider’s stock worth $19,138,000 after buying an additional 68,000 shares in the last quarter. Geode Capital Management LLC boosted its position in Sun Life Financial by 8.5% during the third quarter. Geode Capital Management LLC now owns 2,654,586 shares of the financial services provider’s stock valued at $156,127,000 after purchasing an additional 207,832 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Sun Life Financial in the third quarter valued at $9,542,000. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Company Profile

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.