Sun Life Financial (NYSE:SLF) Cut to Hold at TD Securities

by · The Markets Daily

Sun Life Financial (NYSE:SLF – Get Free Report) (TSE:SLF) was downgraded by equities research analysts at TD Securities from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday, Zacks reports.

SLF has been the subject of a number of other research reports. Wall Street Zen raised Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 26th. Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a report on Wednesday, October 7th. Scotiabank raised shares of Sun Life Financial from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, October 27th. Weiss Ratings upgraded shares of Sun Life Financial from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 29th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Sun Life Financial in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sun Life Financial has an average rating of “Hold” and an average price target of $103.50.

Read Our Latest Report on Sun Life Financial

Sun Life Financial Price Performance

SLF stock opened at $73.47 on Thursday. The stock has a market capitalization of $40.81 billion, a P/E ratio of 19.09, a P/E/G ratio of 2.03 and a beta of 0.86. The business has a 50-day moving average of $79.31 and a 200-day moving average of $73.64. Sun Life Financial has a fifty-two week low of $57.22 and a fifty-two week high of $84.38.

Sun Life Financial (NYSE:SLF – Get Free Report) (TSE:SLF) last announced its earnings results on Wednesday, November 4th. The financial services provider reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.02. Sun Life Financial had a return on equity of 18.76% and a net margin of 8.62%. The business had revenue of $986.89 million for the quarter, compared to analyst estimates of $986.89 million. Equities analysts expect that Sun Life Financial will post 5.77 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Bank of Nova Scotia acquired a new stake in shares of Sun Life Financial in the 2nd quarter valued at approximately $544,052,000. The Manufacturers Life Insurance Company bought a new position in shares of Sun Life Financial in the second quarter valued at $293,050,000. Canada Pension Plan Investment Board bought a new position in shares of Sun Life Financial in the second quarter valued at $292,980,000. Legal & General Group Plc bought a new position in shares of Sun Life Financial in the second quarter valued at $280,312,000. Finally, Wellington Management Group LLP acquired a new position in Sun Life Financial during the second quarter worth $220,567,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Key Stories Impacting Sun Life Financial

Here are the key news stories impacting Sun Life Financial this week:

  • Positive Sentiment: Underlying earnings per share rose by double digits, and reported EPS of $1.47 modestly beat the $1.45 consensus estimate. Sun Life also raised its quarterly common dividend by $0.04 to $1.00 per share, payable Dec. 31. Sun Life Q3 results Dividend announcement
  • Neutral Sentiment: Management outlined a target of a 35%+ GreenOak fee-related earnings margin. This is a forward-looking goal, rather than a reported result. GreenOak margin target and dividend
  • Negative Sentiment: Reported Q3 profit fell 29%, tempering the stronger underlying earnings picture. TD Cowen cut its rating from Buy to Hold, while National Bank Financial lowered its rating from Outperform to Sector Perform. Shares also crossed below their 200-day moving average, a technical sign that may weigh on sentiment. Q3 profit report TD Cowen downgrade Moving-average breakdown

About Sun Life Financial

(Get Free Report)

Sun Life Financial Inc (NYSE: SLF) is a Canadian financial services company that provides insurance, wealth, and asset management solutions to individuals, businesses, and institutions. Its offerings include life, health, and dental insurance; retirement and savings products; investment solutions; and employee benefits.

Through its asset management businesses, Sun Life provides investment management and advisory services to institutional and retail clients. The company also offers workplace pension, group insurance, and employee wellness programs, helping employers support the financial security and health of their employees.

Founded in Montreal in 1865, Sun Life serves clients primarily in Canada, the United States, and several Asian markets, including Hong Kong, the Philippines, Indonesia, India, and Vietnam.

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