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

Shares of 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.

Analyst Upgrades and Downgrades

SLF has been the subject of a number of recent analyst reports. StockNews.com lowered shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays initiated coverage on Sun Life Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock.

Sun Life Financial Price Performance

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

Sun Life Financial Increases Dividend

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

Hedge Funds Weigh In On Sun Life Financial

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in Sun Life Financial by 6,244.4% in the 2nd quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 562 shares in the last quarter. Assetmark Inc. grew its position in Sun Life Financial by 2,747.4% during the third quarter. Assetmark Inc. now owns 541 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 522 shares in the last quarter. Addison Advisors LLC lifted its position in Sun Life Financial by 124.9% in the 3rd quarter. Addison Advisors LLC now owns 650 shares of the financial services provider’s stock worth $38,000 after buying an additional 361 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in shares of Sun Life Financial during the 2nd quarter valued at $39,000. Finally, Clean Yield Group purchased a new position in Sun Life Financial in the third quarter valued at about $39,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

About Sun Life Financial

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.