Sun Life Financial Inc. (NYSE:SLF) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) have received an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $84.6667.

Several equities analysts have recently weighed in on SLF shares. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. TD Cowen reiterated a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Argus set a $81.00 target price on Sun Life Financial in a research note on Wednesday, June 10th. National Bank Financial upgraded shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a report on Friday, April 24th. Finally, TD Securities reaffirmed a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th.

Hedge Funds Weigh In On Sun Life Financial

Large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Sun Life Financial in the 4th quarter valued at about $398,037,000. Morgan Stanley boosted its position in shares of Sun Life Financial by 86.6% during the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after buying an additional 1,834,772 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Sun Life Financial by 2,187.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock worth $100,276,000 after buying an additional 1,531,200 shares during the period. Bank of Nova Scotia grew its holdings in shares of Sun Life Financial by 27.1% during the fourth quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock worth $373,984,000 after buying an additional 1,277,583 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Sun Life Financial by 123.4% during the fourth quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock worth $140,339,000 after buying an additional 1,240,241 shares in the last quarter. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Stock Down 0.0%

SLF opened at $79.61 on Friday. The stock has a market cap of $44.13 billion, a P/E ratio of 20.52 and a beta of 0.88. Sun Life Financial has a 12 month low of $56.22 and a 12 month high of $79.67. The company has a fifty day simple moving average of $74.09 and a 200 day simple moving average of $67.63.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The firm had revenue of $6.41 billion for the quarter, compared to analyst estimates of $925.99 million. During the same period in the previous year, the company posted $1.82 earnings per share. On average, equities research analysts expect that Sun Life Financial will post 5.76 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were given a $0.96 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $3.84 annualized dividend and a yield of 4.8%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s payout ratio is presently 72.94%.

About Sun Life Financial

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.