Cormark Boosts Earnings Estimates for Sun Life Financial

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) – Research analysts at Cormark lifted their FY2024 earnings per share (EPS) estimates for shares of Sun Life Financial in a research report issued to clients and investors on Tuesday, November 5th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $6.76 for the year, up from their prior estimate of $6.70. The consensus estimate for Sun Life Financial’s current full-year earnings is $6.92 per share.

A number of other research analysts have also commented on the company. Royal Bank of Canada increased their price objective on Sun Life Financial from C$78.00 to C$82.00 in a report on Wednesday. Scotiabank upped their price target on shares of Sun Life Financial from C$73.00 to C$85.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Barclays boosted their price objective on Sun Life Financial from C$76.00 to C$79.00 in a research report on Tuesday. Jefferies Financial Group increased their price objective on Sun Life Financial from C$81.00 to C$89.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, CIBC boosted their price objective on shares of Sun Life Financial from C$80.00 to C$90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$81.36.

Sun Life Financial Stock Performance

Shares of TSE SLF opened at C$82.08 on Thursday. Sun Life Financial has a one year low of C$64.38 and a one year high of C$82.27. The business’s 50-day moving average price is C$77.10 and its two-hundred day moving average price is C$71.66. The company has a debt-to-equity ratio of 53.77, a current ratio of 65.29 and a quick ratio of 84,866.00. The company has a market capitalization of C$47.32 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 1.33 and a beta of 0.94.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last posted its quarterly earnings results on Monday, August 12th. The financial services provider reported C$1.71 EPS for the quarter, topping the consensus estimate of C$1.58 by C$0.13. The business had revenue of C$8.92 billion during the quarter, compared to analysts’ expectations of C$9.18 billion. Sun Life Financial had a net margin of 9.90% and a return on equity of 13.65%.

Insider Activity at Sun Life Financial

In related news, Director Stephanie Coyles bought 500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of C$70.00 per share, for a total transaction of C$35,000.00. Following the transaction, the director now owns 500 shares in the company, valued at C$35,000. In other Sun Life Financial news, Director Stephanie Coyles purchased 500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of C$70.00 per share, for a total transaction of C$35,000.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at approximately C$35,000. Also, Senior Officer Linda Dougherty sold 2,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of C$75.30, for a total value of C$150,590.00. 0.03% of the stock is owned by company insiders.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.84 dividend. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.81. This represents a $3.36 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Wednesday, November 27th. Sun Life Financial’s payout ratio is currently 61.36%.

Sun Life Financial Company Profile

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.