Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) – Desjardins boosted their FY2017 earnings estimates for shares of Sun Life Financial in a report issued on Wednesday. Desjardins analyst D. Young now expects that the financial services provider will post earnings per share of $3.20 for the year, up from their previous estimate of $3.14. Desjardins also issued estimates for Sun Life Financial’s FY2018 earnings at $3.56 EPS and FY2019 earnings at $3.84 EPS.
Several other brokerages have also issued reports on SLF. BMO Capital Markets reiterated a “hold” rating and issued a $52.00 price objective on shares of Sun Life Financial in a research report on Friday, November 24th. Zacks Investment Research lowered Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Finally, Morgan Stanley boosted their price objective on Sun Life Financial from $52.00 to $53.00 and gave the company an “equal weight” rating in a research report on Thursday, October 5th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $50.80.
Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its position in Sun Life Financial by 147.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,628 shares of the financial services provider’s stock worth $168,000 after acquiring an additional 2,163 shares during the last quarter. Captrust Financial Advisors acquired a new position in Sun Life Financial during the 2nd quarter worth approximately $162,000. Advisory Services Network LLC boosted its position in Sun Life Financial by 0.7% during the 2nd quarter. Advisory Services Network LLC now owns 5,338 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 38 shares during the last quarter. Pinnacle Associates Ltd. acquired a new position in Sun Life Financial during the 3rd quarter worth approximately $225,000. Finally, Stifel Financial Corp boosted its position in Sun Life Financial by 4.3% during the 2nd quarter. Stifel Financial Corp now owns 6,060 shares of the financial services provider’s stock worth $216,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds own 41.15% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Wednesday, November 29th were given a $0.3565 dividend. The ex-dividend date was Tuesday, November 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.34. This represents a $1.43 annualized dividend and a dividend yield of 3.40%. Sun Life Financial’s payout ratio is currently 41.91%.
About Sun Life Financial
Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.
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