Wall Street Zen Downgrades Sun Life Financial (NYSE:SLF) to Sell

Sun Life Financial (NYSE:SLF) (TSE:SLF) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other research analysts have also recently issued reports on SLF. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. National Bank Financial raised shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Friday, April 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Sun Life Financial in a report on Monday, July 6th. Finally, Evercore cut shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $84.67.

Sun Life Financial Price Performance

Shares of SLF stock opened at $81.82 on Friday. The stock has a market capitalization of $45.60 billion, a PE ratio of 21.09 and a beta of 0.88. Sun Life Financial has a 1-year low of $56.22 and a 1-year high of $82.25. The business has a 50-day moving average of $75.86 and a 200 day moving average of $68.91.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $925.99 million. During the same period in the previous year, the firm earned $1.82 EPS. Analysts anticipate that Sun Life Financial will post 5.69 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SLF. Cassaday & Co Wealth Management LLC purchased a new position in shares of Sun Life Financial in the 1st quarter valued at approximately $25,000. Cornerstone Planning Group LLC grew its stake in Sun Life Financial by 68.4% in the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 167 shares during the period. Brown Brothers Harriman & Co. bought a new position in Sun Life Financial in the fourth quarter worth $30,000. Sittner & Nelson LLC bought a new position in Sun Life Financial in the fourth quarter worth $33,000. Finally, Scarborough Advisors LLC purchased a new position in Sun Life Financial during the first quarter valued at $33,000. Hedge funds and other institutional investors own 52.26% of the company’s stock.

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.