Argus Reiterates “Buy” Rating for Sun Life Financial Inc. (SLF)
Sun Life Financial Inc. (NYSE:SLF)‘s stock had its “buy” rating reiterated by analysts at Argus in a research note issued to investors on Friday. They currently have a $37.00 price objective on the stock. Argus’ target price points to a potential upside of 14.48% from the stock’s current price.
Several other research firms have also issued reports on SLF. Zacks Investment Research raised shares of Sun Life Financial from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research report on Monday, July 18th. Bank of America Corp. assumed coverage on shares of Sun Life Financial in a research report on Wednesday, August 24th. They issued an “underperform” rating on the stock. Morgan Stanley reissued a “hold” rating on shares of Sun Life Financial in a research report on Sunday, August 14th. Scotiabank reissued an “outperform” rating and issued a $46.00 price target (down previously from $48.00) on shares of Sun Life Financial in a research report on Saturday, August 13th. Finally, TD Securities reissued a “buy” rating and issued a $47.00 price target on shares of Sun Life Financial in a research report on Saturday, August 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $44.33.
Sun Life Financial (NYSE:SLF) opened at 32.32 on Friday. The company has a market cap of $19.81 billion, a P/E ratio of 12.89 and a beta of 1.09. Sun Life Financial has a 52 week low of $25.31 and a 52 week high of $35.46. The company has a 50-day moving average of $31.88 and a 200 day moving average of $32.77.
Sun Life Financial (NYSE:SLF) last announced its quarterly earnings data on Wednesday, August 10th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.70 by $0.20. The business had revenue of $6.84 billion for the quarter, compared to analyst estimates of $4.92 billion. Sun Life Financial had a net margin of 7.47% and a return on equity of 11.88%. During the same quarter in the previous year, the firm posted $1.00 earnings per share. On average, equities analysts forecast that Sun Life Financial will post $2.83 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st were paid a $0.3074 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.23 dividend on an annualized basis and a yield of 3.80%. Sun Life Financial’s dividend payout ratio is presently 49.80%.
A number of institutional investors have recently added to or reduced their stakes in SLF. Norges Bank acquired a new stake in shares of Sun Life Financial during the fourth quarter worth $33,997,000. Commonwealth Equity Services Inc raised its stake in shares of Sun Life Financial by 10.7% in the first quarter. Commonwealth Equity Services Inc now owns 43,453 shares of the company’s stock worth $1,402,000 after buying an additional 4,187 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Sun Life Financial by 26.5% in the first quarter. IFP Advisors Inc now owns 16,041 shares of the company’s stock worth $518,000 after buying an additional 3,358 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Sun Life Financial during the first quarter worth $1,288,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Sun Life Financial during the first quarter worth $178,000. 42.93% of the stock is owned by institutional investors and hedge funds.
About Sun Life Financial
Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services organization providing a range of protection and wealth products and services. It operates in five segments: Sun Life Financial Canada (SLF Canada), Sun Life Financial United States (SLF U.S.), Sun Life Financial Asset Management (SLF Asset Management), Sun Life Financial Asia (SLF Asia) and Corporate.
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