Sun Life Financial (SLF) PT Lowered to $56.00

Sun Life Financial (NYSE:SLF) (TSE:SLF) had its price target reduced by Morgan Stanley from $57.00 to $56.00 in a research report sent to investors on Thursday. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on SLF. Zacks Investment Research raised Sun Life Financial from a hold rating to a buy rating and set a $46.00 price objective on the stock in a research note on Friday, February 9th. TD Securities raised Sun Life Financial from a hold rating to a buy rating in a research note on Monday, January 15th. Scotiabank raised Sun Life Financial from a sector perform rating to a buy rating and set a $63.00 price objective on the stock in a research note on Wednesday, January 31st. Finally, BMO Capital Markets raised Sun Life Financial from a market perform rating to an outperform rating in a research note on Friday, February 16th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $53.17.

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Shares of SLF opened at $40.33 on Thursday. The company has a market cap of $24,524.96, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 1.58 and a beta of 0.91. Sun Life Financial has a 12-month low of $32.22 and a 12-month high of $44.50. The company has a debt-to-equity ratio of 0.23, a quick ratio of 5.06 and a current ratio of 5.06.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.83. Sun Life Financial had a return on equity of 12.61% and a net margin of 7.59%. The business had revenue of $6.81 billion for the quarter. equities analysts expect that Sun Life Financial will post 3.66 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Thursday, March 1st were given a dividend of $0.3617 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.45 annualized dividend and a dividend yield of 3.59%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.36. Sun Life Financial’s payout ratio is currently 45.63%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp increased its position in shares of Sun Life Financial by 274.3% during the 4th quarter. Mackenzie Financial Corp now owns 7,695,829 shares of the financial services provider’s stock valued at $317,530,000 after purchasing an additional 5,639,723 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Sun Life Financial by 25.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 5,395,665 shares of the financial services provider’s stock valued at $222,625,000 after purchasing an additional 1,106,844 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its position in shares of Sun Life Financial by 19.8% during the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 3,660,200 shares of the financial services provider’s stock valued at $189,891,000 after purchasing an additional 604,900 shares during the last quarter. Scotia Capital Inc. increased its position in shares of Sun Life Financial by 3.4% during the 4th quarter. Scotia Capital Inc. now owns 2,103,855 shares of the financial services provider’s stock valued at $86,815,000 after purchasing an additional 69,440 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its position in shares of Sun Life Financial by 85.7% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,719,037 shares of the financial services provider’s stock valued at $70,928,000 after purchasing an additional 793,087 shares during the last quarter. 41.46% of the stock is currently owned by hedge funds and other institutional investors.

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Sun Life Financial Company Profile

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.

Analyst Recommendations for Sun Life Financial (NYSE:SLF)

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