Sun Life Financial (TSE:SLF) Downgraded by Royal Bank of Canada to “Sector Perform”

Royal Bank of Canada cut shares of Sun Life Financial (TSE:SLF) (NYSE:SLF) from an outperform rating to a sector perform rating in a report issued on Monday, BayStreet.CA reports. The firm currently has C$67.00 target price on the financial services provider’s stock.

A number of other research firms have also issued reports on SLF. CIBC raised their price target on Sun Life Financial from C$53.00 to C$59.00 in a report on Friday, November 8th. Evercore dropped their price target on Sun Life Financial from C$63.00 to C$62.00 in a research report on Thursday, November 7th. Desjardins upped their price objective on Sun Life Financial from C$62.00 to C$67.00 in a research note on Friday, November 8th. Canaccord Genuity increased their price objective on Sun Life Financial from C$58.00 to C$60.50 in a research report on Friday, November 8th. Finally, BMO Capital Markets lifted their target price on Sun Life Financial from C$60.00 to C$67.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. Sun Life Financial has a consensus rating of Hold and a consensus target price of C$61.79.

TSE SLF opened at C$58.40 on Monday. The company has a debt-to-equity ratio of 19.02, a quick ratio of 1,311.69 and a current ratio of 1,409.38. The firm has a market cap of $34.35 billion and a PE ratio of 14.07. Sun Life Financial has a one year low of C$43.13 and a one year high of C$61.91. The firm’s fifty day moving average is C$59.93 and its two-hundred day moving average is C$56.18.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, November 27th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Tuesday, November 26th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.53. Sun Life Financial’s dividend payout ratio (DPR) is 49.40%.

In other news, Director Dean Connor sold 28,103 shares of Sun Life Financial stock in a transaction dated Monday, November 4th. The shares were sold at an average price of C$59.44, for a total value of C$1,670,442.32. Following the sale, the director now owns 86,047 shares of the company’s stock, valued at C$5,114,633.68.

Sun Life Financial Company Profile

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.

Further Reading: What is the balance sheet?

Analyst Recommendations for Sun Life Financial (TSE:SLF)

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