Sun Life Financial Inc. (NYSE:SLF) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $84.6667.

SLF has been the topic of several recent research reports. TD Cowen reaffirmed a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Sun Life Financial in a research report on Monday, July 6th. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. Finally, Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th.

Sun Life Financial Price Performance

Shares of NYSE:SLF traded down $0.38 during trading hours on Friday, hitting $79.91. The company’s stock had a trading volume of 440,918 shares, compared to its average volume of 471,321. The firm’s fifty day moving average price is $74.96 and its 200 day moving average price is $68.28. Sun Life Financial has a 52 week low of $56.22 and a 52 week high of $80.90. The company has a market capitalization of $44.58 billion, a price-to-earnings ratio of 20.59 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $925.99 million. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. During the same period last year, the firm earned $1.82 earnings per share. On average, equities research analysts predict that Sun Life Financial will post 5.73 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.8%. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, May 27th. Sun Life Financial’s payout ratio is 72.68%.

Institutional Trading of Sun Life Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Sun Life Financial during the 4th quarter worth approximately $398,037,000. Morgan Stanley raised its holdings in shares of Sun Life Financial by 86.6% in the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after buying an additional 1,834,772 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Sun Life Financial by 2,187.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock worth $100,276,000 after buying an additional 1,531,200 shares during the period. Bank of Nova Scotia lifted its stake in shares of Sun Life Financial by 27.1% during the fourth quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock worth $373,984,000 after buying an additional 1,277,583 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Sun Life Financial by 123.4% during the fourth quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock valued at $140,339,000 after buying an additional 1,240,241 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company’s stock.

About Sun Life Financial

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.