Sun Life Financial Inc. Forecasted to Earn FY2024 Earnings of $5.03 Per Share (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Research analysts at Cormark cut their FY2024 EPS estimates for Sun Life Financial in a note issued to investors on Thursday, April 25th. Cormark analyst L. Persaud now anticipates that the financial services provider will earn $5.03 per share for the year, down from their prior forecast of $5.16. The consensus estimate for Sun Life Financial’s current full-year earnings is $5.03 per share. Cormark also issued estimates for Sun Life Financial’s FY2025 earnings at $5.37 EPS.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. Sun Life Financial had a net margin of 7.79% and a return on equity of 17.30%. The firm had revenue of $13.73 billion for the quarter.

Separately, Jefferies Financial Group began coverage on shares of Sun Life Financial in a research report on Thursday, February 22nd. They set a “buy” rating for the company.

Sun Life Financial Trading Up 0.7 %

Shares of SLF stock opened at $51.67 on Monday. Sun Life Financial has a 12-month low of $44.57 and a 12-month high of $55.46. The firm’s 50 day moving average is $53.44 and its 200 day moving average is $51.38. The stock has a market capitalization of $30.10 billion, a P/E ratio of 13.32, a P/E/G ratio of 1.28 and a beta of 1.01.

Hedge Funds Weigh In On Sun Life Financial

Several hedge funds have recently added to or reduced their stakes in SLF. Canoe Financial LP grew its holdings in Sun Life Financial by 7,959.7% during the 4th quarter. Canoe Financial LP now owns 45,648,390 shares of the financial services provider’s stock valued at $2,367,326,000 after purchasing an additional 45,082,012 shares during the last quarter. Norges Bank bought a new position in Sun Life Financial in the 4th quarter worth about $335,757,000. TD Asset Management Inc grew its stake in Sun Life Financial by 34.7% in the 4th quarter. TD Asset Management Inc now owns 15,665,551 shares of the financial services provider’s stock worth $816,424,000 after acquiring an additional 4,035,394 shares in the last quarter. Allianz Asset Management GmbH grew its stake in Sun Life Financial by 171.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,172,025 shares of the financial services provider’s stock worth $61,081,000 after acquiring an additional 740,014 shares in the last quarter. Finally, AGF Management Ltd. grew its stake in Sun Life Financial by 91.7% in the 4th quarter. AGF Management Ltd. now owns 1,535,288 shares of the financial services provider’s stock worth $79,620,000 after acquiring an additional 734,549 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.581 per share. This represents a $2.32 annualized dividend and a dividend yield of 4.50%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Tuesday, February 27th. Sun Life Financial’s dividend payout ratio is currently 59.79%.

About Sun Life Financial

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.