Zacks Investment Research upgraded shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) from a sell rating to a buy rating in a report published on Wednesday, July 12th. Zacks Investment Research currently has $40.00 price target on the financial services provider’s stock.

According to Zacks, “Sun Life Financial’s aggressive re-designing of products, improved pricing, and focus on segments with higher growth and return complemented by market factor of reduced interest rate and market risk bode well. A strong balance sheet and effective capital deployment in growth initiatives will fuel earning, ROE and enhance shareholders’ value. The company continues to forge ahead with its digital and wealth initiatives in Canada, strong sales momentum in Asia, the scaling and integration of its U.S. operations, and strong long-term investment performance in asset management businesses. The company targets medium-term EPS growth between 8% and 10%. However, exposure to macro headwinds, regulatory uncertainties and low rates are headwinds. Also, shares of Sun Life Financial have underperformed the Zacks categorized Life Insurance industry, year to date.”

SLF has been the subject of several other reports. National Bank Financial restated an outperform overweight rating on shares of Sun Life Financial in a research note on Tuesday, May 9th. Credit Suisse Group cut shares of Sun Life Financial from an outperform rating to a neutral rating in a research note on Wednesday, May 10th. BidaskClub upgraded shares of Sun Life Financial from a sell rating to a hold rating in a research note on Friday, June 30th. ValuEngine cut shares of Sun Life Financial from a buy rating to a hold rating in a research note on Friday, June 2nd. Finally, Bank of America Corporation upgraded shares of Sun Life Financial from an underperform rating to a hold rating in a research note on Monday, July 10th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $45.17.

Sun Life Financial (NYSE:SLF) opened at 38.33 on Wednesday. Sun Life Financial has a 1-year low of $30.38 and a 1-year high of $40.57. The stock has a market capitalization of $23.52 billion, a price-to-earnings ratio of 11.93 and a beta of 0.88. The company has a 50-day moving average of $36.10 and a 200-day moving average of $36.18.

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Institutional investors have recently bought and sold shares of the company. Beutel Goodman & Co Ltd. bought a new position in Sun Life Financial during the first quarter worth $221,905,000. AQR Capital Management LLC boosted its position in Sun Life Financial by 686.8% in the first quarter. AQR Capital Management LLC now owns 1,429,171 shares of the financial services provider’s stock worth $52,038,000 after buying an additional 1,247,534 shares in the last quarter. Greystone Managed Investments Inc. boosted its position in Sun Life Financial by 562.3% in the first quarter. Greystone Managed Investments Inc. now owns 1,440,844 shares of the financial services provider’s stock worth $52,462,000 after buying an additional 1,223,285 shares in the last quarter. AGF Investments Inc. boosted its position in Sun Life Financial by 835.2% in the first quarter. AGF Investments Inc. now owns 1,163,929 shares of the financial services provider’s stock worth $42,452,000 after buying an additional 1,039,472 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Sun Life Financial by 1,847.8% in the second quarter. Canada Pension Plan Investment Board now owns 888,194 shares of the financial services provider’s stock worth $31,706,000 after buying an additional 842,594 shares in the last quarter. Institutional investors own 42.87% of the company’s stock.

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 company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.

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