Sun Life Financial (TSE:SLF) Insider Sells C$19,433,798.40 in Stock

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) insider Manjit Singh sold 188,312 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of C$103.20, for a total value of C$19,433,798.40. Following the completion of the sale, the insider owned 547 shares in the company, valued at C$56,450.40. This trade represents a 99.71% decrease in their ownership of the stock.

Sun Life Financial Price Performance

Shares of TSE:SLF opened at C$107.04 on Friday. The business’s fifty day moving average price is C$97.42 and its two-hundred day moving average price is C$90.28. Sun Life Financial Inc. has a fifty-two week low of C$77.38 and a fifty-two week high of C$107.42. The stock has a market capitalization of C$59.33 billion, a price-to-earnings ratio of 19.93, a price-to-earnings-growth ratio of 1.33 and a beta of 0.84.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported C$1.89 earnings per share for the quarter. Sun Life Financial had a return on equity of 12.98% and a net margin of 9.12%.The firm had revenue of C$8.73 billion for the quarter. Research analysts expect that Sun Life Financial Inc. will post 6.9230769 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th will be paid a $0.96 dividend. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, May 27th. Sun Life Financial’s payout ratio is presently 67.04%.

Wall Street Analysts Forecast Growth

SLF has been the topic of a number of recent analyst reports. Canadian Imperial Bank of Commerce boosted their price objective on Sun Life Financial from C$95.00 to C$102.00 in a research note on Friday, May 8th. BMO Capital Markets boosted their price objective on Sun Life Financial from C$99.00 to C$105.00 in a research note on Friday, May 8th. National Bank Financial reduced their price objective on Sun Life Financial from C$109.00 to C$108.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Barclays boosted their price objective on Sun Life Financial from C$84.00 to C$85.00 in a research note on Wednesday, April 8th. Finally, TD boosted their price objective on Sun Life Financial from C$102.00 to C$107.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sun Life Financial has a consensus rating of “Moderate Buy” and an average target price of C$101.60.

Sun Life Financial Company Profile

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. Sun Life generates about a third of its profit from asset-management operations.