Brokers Offer Predictions for Sun Life Financial Inc.’s FY2017 Earnings (SLF)
Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Investment analysts at National Bank Financial increased their FY2017 earnings per share estimates for Sun Life Financial in a report issued on Wednesday. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will earn $3.18 per share for the year, up from their previous estimate of $2.80. National Bank Financial currently has a “Outperform Overweight” rating on the stock.
Several other brokerages also recently issued reports on SLF. TD Securities boosted their price target on shares of Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a report on Thursday, August 10th. Bank of America Corporation raised shares of Sun Life Financial from an “underperform” rating to a “hold” rating in a report on Monday, July 10th. BidaskClub raised shares of Sun Life Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Zacks Investment Research raised shares of Sun Life Financial from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Tuesday, April 25th. Finally, Credit Suisse Group downgraded shares of Sun Life Financial from an “outperform” rating to a “neutral” rating in a report on Wednesday, May 10th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $45.80.
Shares of Sun Life Financial (SLF) opened at 38.72 on Monday. The company has a market capitalization of $23.76 billion, a PE ratio of 12.01 and a beta of 0.88. The firm’s 50-day moving average price is $37.30 and its 200 day moving average price is $36.11. Sun Life Financial has a 52-week low of $30.38 and a 52-week high of $40.57.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.09. The business had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $7.36 billion. Sun Life Financial had a return on equity of 13.29% and a net margin of 12.48%. The business’s revenue was down 14.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS.
Sun Life Financial announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 9th that allows the company to repurchase 11,500,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Wednesday, August 30th will be given a $0.3439 dividend. The ex-dividend date is Monday, August 28th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.32. This represents a $1.38 annualized dividend and a yield of 3.57%. Sun Life Financial’s payout ratio is 40.06%.
Large investors have recently modified their holdings of the company. Highstreet Asset Management Inc. boosted its stake in shares of Sun Life Financial by 423.8% in the first quarter. Highstreet Asset Management Inc. now owns 208,259 shares of the financial services provider’s stock valued at $7,596,000 after buying an additional 168,499 shares during the period. Vanguard Group Inc. boosted its stake in shares of Sun Life Financial by 4.8% in the first quarter. Vanguard Group Inc. now owns 13,072,396 shares of the financial services provider’s stock valued at $477,796,000 after buying an additional 593,878 shares during the period. Schroder Investment Management Group acquired a new stake in shares of Sun Life Financial during the first quarter valued at approximately $2,222,000. APG Asset Management N.V. boosted its stake in shares of Sun Life Financial by 4.0% in the second quarter. APG Asset Management N.V. now owns 1,431,929 shares of the financial services provider’s stock valued at $66,384,000 after buying an additional 55,400 shares during the period. Finally, Boston Financial Mangement LLC boosted its stake in shares of Sun Life Financial by 3.2% in the first quarter. Boston Financial Mangement LLC now owns 108,483 shares of the financial services provider’s stock valued at $3,965,000 after buying an additional 3,315 shares during the period. Hedge funds and other institutional investors own 42.95% 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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