Sun Life Financial (TSE:SLF) Price Target Raised to C$116.00 at Canadian Imperial Bank of Commerce

Sun Life Financial (TSE:SLF) (NYSE:SLF) had its target price boosted by Canadian Imperial Bank of Commerce from C$102.00 to C$116.00 in a report released on Wednesday,BayStreet.CA reports.

SLF has been the topic of several other research reports. Evercore lowered Sun Life Financial from an “outperform” rating to a “hold” rating and set a C$111.00 price objective on the stock. in a report on Monday. Desjardins set a C$101.00 target price on Sun Life Financial and gave the company a “buy” rating in a report on Friday, April 17th. National Bank Financial decreased their target price on Sun Life Financial from C$109.00 to C$108.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th. Jefferies Financial Group raised their price target on Sun Life Financial from C$103.00 to C$115.00 in a research note on Friday, May 1st. Finally, TD lifted their price target on Sun Life Financial from C$102.00 to C$107.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Sun Life Financial has an average rating of “Moderate Buy” and a consensus price target of C$105.09.

Sun Life Financial Stock Performance

Shares of Sun Life Financial stock opened at C$114.20 on Wednesday. The business has a 50-day moving average of C$105.30 and a 200 day moving average of C$94.91. Sun Life Financial has a 12 month low of C$77.38 and a 12 month high of C$114.53. The stock has a market capitalization of C$63.30 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.33 and a beta of 0.79. The company has a debt-to-equity ratio of 32.51, a current ratio of 6.03 and a quick ratio of 84,866.00.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported C$1.89 earnings per share (EPS) for the quarter. The company had revenue of C$8.73 billion for the quarter. Sun Life Financial had a return on equity of 12.89% and a net margin of 9.12%. As a group, sell-side analysts forecast that Sun Life Financial will post 6.9230769 earnings per share for the current year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.4%. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, May 27th. Sun Life Financial’s dividend payout ratio is currently 67.04%.

Insider Transactions at Sun Life Financial

In other Sun Life Financial news, insider Melissa Jane Kennedy sold 7,366 shares of the company’s stock in a transaction dated Monday, May 25th. The shares were sold at an average price of C$101.49, for a total value of C$747,575.34. Following the transaction, the insider directly owned 13,916 shares in the company, valued at approximately C$1,412,334.84. This represents a 34.61% decrease in their position. Also, insider Manjit Singh sold 188,312 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of C$103.20, for a total transaction of C$19,433,798.40. Following the sale, the insider owned 547 shares in the company, valued at approximately C$56,450.40. This trade represents a 99.71% decrease in their position. Insiders sold 380,998 shares of company stock worth $38,271,605 in the last 90 days. Insiders own 0.03% of the company’s stock.

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