Zacks Reaffirms “Neutral” Rating for Sun Life Financial (SLF)
Sun Life Financial (NYSE:SLF)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Monday. They currently have a $39.00 price target on the stock. Zacks‘s price target suggests a potential upside of 4.98% from the company’s current price.
Zacks’ analyst wrote, “Sun Life Financial’s second-quarter earnings grew year over year led by strong business growth, improving core earnings power and continued execution of 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 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 uncertainty, and growing expenses. We thus maintain our Neutral recommendation on Sun Life. “
Shares of Sun Life Financial (NYSE:SLF) traded up 0.78% on Monday, hitting $37.44. The stock had a trading volume of 35,671 shares. Sun Life Financial has a 52 week low of $30.01 and a 52 week high of $38.85. The stock’s 50-day moving average is $37.55 and its 200-day moving average is $35.17. The company has a market cap of $22.898 billion and a P/E ratio of 28.93.
Sun Life Financial (NYSE:SLF) last released its earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.70 by $0.11. On average, analysts predict that Sun Life Financial will post $2.94 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Wednesday, August 27th will be paid a dividend of $0.3298 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Monday, August 25th.
A number of other analysts have also recently weighed in on SLF. Analysts at National Bank Financial downgraded shares of Sun Life Financial from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 8th. Separately, analysts at Goldman Sachs initiated coverage on shares of Sun Life Financial in a research note on Thursday, June 26th. They set a “buy” rating on the stock. Finally, analysts at Canaccord Genuity initiated coverage on shares of Sun Life Financial in a research note on Monday, May 26th. They set a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $37.33.
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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