Zacks Reiterates “Neutral” Rating for Sun Life Financial (SLF)
Sun Life Financial (NYSE:SLF)‘s stock had its “neutral” rating restated by Zacks in a research note issued to investors on Tuesday, StockRatingsNetwork reports. They currently have a $36.00 price objective on the stock. Zacks‘s target price indicates a potential upside of 3.81% from the company’s current price.
Zacks’ analyst wrote, “Sun Life Financial’s first quarter earnings grew year over year. Results reflect strong business growth, improving core earnings power and continued execution against the company’s four-pillar strategy. The company has been performing strongly over the past several quarters and we expect the trend to continue given its diversified business profile. Though headquartered in Canada, the insurer has a significant presence in the U.S., and is also growing aggressively in Asia. The company has been aggressively re-designing its products, reducing interest rate and market risk, improving pricing, and focusing on higher growth and return segments. Further, its alignment of product mix in the U.S. and thrust on enhancing the highly profitable global asset management business is expected to drive long-term earnings growth. Nevertheless, the company will continue facing earnings pressure due to headwinds such as the ongoing macro and regulatory uncertainties, and growing expenses. We thus maintain our Neutral recommendation on Sun Life. “
Several other analysts have also recently commented on the stock. Analysts at UBS AG initiated coverage on shares of Sun Life Financial in a research note on Wednesday, April 23rd. They set a “buy” rating on the stock. Analysts at Scotiabank upgraded shares of Sun Life Financial to a “sector perform” rating in a research note on Thursday, February 13th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $36.50.
Shares of Sun Life Financial (NYSE:SLF) traded down 0.17% on Tuesday, hitting $34.62. The stock had a trading volume of 44,620 shares. Sun Life Financial has a 52 week low of $28.10 and a 52 week high of $36.33. The stock has a 50-day moving average of $33.94 and a 200-day moving average of $34.35. The company has a market cap of $21.192 billion and a P/E ratio of 27.44.
Sun Life Financial (NYSE:SLF) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.74 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.66 by $0.08. The company had revenue of $6.46 billion for the quarter. Sun Life Financial’s revenue was up 70.4% compared to the same quarter last year. Analysts expect that Sun Life Financial will post $2.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 30th. Investors of record on Wednesday, May 28th will be given a dividend of $0.3285 per share. This represents a $1.31 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Friday, May 23rd.
Sun Life Financial Inc (NYSE:SLF) is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers.
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