CIBC Cuts Sun Life Financial (TSE:SLF) Price Target to C$89.00

Sun Life Financial (TSE:SLF) (NYSE:SLF) had its price target reduced by CIBC from C$94.00 to C$89.00 in a research note released on Thursday,BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. Royal Bank of Canada set a C$82.00 target price on shares of Sun Life Financial and gave the stock an “outperform” rating in a report on Tuesday, April 15th. Jefferies Financial Group decreased their price target on shares of Sun Life Financial from C$96.00 to C$90.00 in a report on Monday, April 21st. National Bank Financial raised Sun Life Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 14th. National Bankshares decreased their target price on Sun Life Financial from C$95.00 to C$93.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Finally, Cormark upgraded Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Sun Life Financial has a consensus rating of “Moderate Buy” and a consensus price target of C$85.70.

Sun Life Financial Stock Up 1.3 %

SLF stock opened at C$82.95 on Thursday. The stock has a 50-day simple moving average of C$79.87 and a two-hundred day simple moving average of C$82.02. Sun Life Financial has a twelve month low of C$64.38 and a twelve month high of C$88.54. The firm has a market capitalization of C$47.38 billion, a PE ratio of 12.51, a PEG ratio of 1.33 and a beta of 0.94. The company has a quick ratio of 84,866.00, a current ratio of 92.19 and a debt-to-equity ratio of 26.00.

Sun Life Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were issued a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.05%. Sun Life Financial’s payout ratio is 48.87%.

About Sun Life Financial

Sun Life Financial is one of Canada’s Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm.