Sun Life Financial Inc. (SLF) PT Raised to $53.00
Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) had its price target raised by equities researchers at Morgan Stanley from $52.00 to $53.00 in a report released on Thursday. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 32.87% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on SLF. Royal Bank Of Canada upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating and set a $51.00 target price on the stock in a research note on Wednesday, June 7th. BidaskClub upgraded Sun Life Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. ValuEngine upgraded Sun Life Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Bank of America Corporation upgraded Sun Life Financial from an “underperform” rating to a “hold” rating in a research note on Monday, July 10th. Finally, Zacks Investment Research upgraded Sun Life Financial from a “sell” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Wednesday, July 12th. Ten analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $49.00.
Sun Life Financial (NYSE SLF) traded down 0.10% during mid-day trading on Thursday, reaching $39.85. 53,744 shares of the company traded hands. Sun Life Financial has a 52-week low of $32.03 and a 52-week high of $40.57. The firm’s 50-day moving average is $38.83 and its 200 day moving average is $36.40. The stock has a market capitalization of $24.46 billion, a PE ratio of 11.53 and a beta of 0.88.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $7.36 billion. Sun Life Financial had a return on equity of 13.29% and a net margin of 12.48%. The firm’s quarterly revenue was down 14.8% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. On average, equities research analysts expect that Sun Life Financial will post $3.31 earnings per share for the current year.
Sun Life Financial declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 9th that allows the company to buyback 11,500,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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Several institutional investors and hedge funds have recently modified their holdings of the company. Advisory Services Network LLC increased its holdings in shares of Sun Life Financial by 0.7% during the second quarter. Advisory Services Network LLC now owns 5,338 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 38 shares during the period. Stifel Financial Corp grew its holdings in Sun Life Financial by 1.8% during the first quarter. Stifel Financial Corp now owns 5,811 shares of the financial services provider’s stock worth $209,000 after acquiring an additional 102 shares during the period. Wetherby Asset Management Inc. grew its holdings in Sun Life Financial by 4.3% during the second quarter. Wetherby Asset Management Inc. now owns 7,773 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 317 shares during the period. Janney Montgomery Scott LLC grew its holdings in Sun Life Financial by 7.9% during the second quarter. Janney Montgomery Scott LLC now owns 6,126 shares of the financial services provider’s stock worth $219,000 after acquiring an additional 450 shares during the period. Finally, Jones Collombin Investment Counsel Inc grew its holdings in Sun Life Financial by 20.2% during the second quarter. Jones Collombin Investment Counsel Inc now owns 2,826 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 475 shares during the period. 40.90% of the stock is currently owned by institutional investors.
Sun Life Financial Company Profile
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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