Cormark Forecasts Strong Price Appreciation for Sun Life Financial (TSE:SLF) Stock

Sun Life Financial (TSE:SLF) (NYSE:SLF) had its price target hoisted by Cormark from C$82.00 to C$85.00 in a research report sent to investors on Tuesday,BayStreet.CA reports. Cormark also issued estimates for Sun Life Financial’s FY2024 earnings at $6.76 EPS and FY2025 earnings at $7.50 EPS.

SLF has been the topic of a number of other reports. National Bankshares raised their price target on Sun Life Financial from C$72.00 to C$73.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 13th. TD Securities boosted their target price on shares of Sun Life Financial from C$77.00 to C$81.00 in a report on Tuesday. Royal Bank of Canada increased their price target on shares of Sun Life Financial from C$76.00 to C$78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 14th. CIBC boosted their price objective on shares of Sun Life Financial from C$80.00 to C$90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Evercore cut their target price on Sun Life Financial from C$76.00 to C$75.00 in a research report on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$81.36.

Sun Life Financial Stock Performance

TSE:SLF opened at C$82.46 on Tuesday. Sun Life Financial has a 1-year low of C$64.38 and a 1-year high of C$82.86. The firm has a 50 day simple moving average of C$77.46 and a 200-day simple moving average of C$71.84. The firm has a market cap of C$47.54 billion, a PE ratio of 15.62, a P/E/G ratio of 1.33 and a beta of 0.94. The company has a debt-to-equity ratio of 53.77, a current ratio of 65.29 and a quick ratio of 84,866.00.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last issued its quarterly earnings results on Monday, August 12th. The financial services provider reported C$1.71 earnings per share for the quarter, beating the consensus estimate of C$1.58 by C$0.13. Sun Life Financial had a return on equity of 13.65% and a net margin of 9.90%. The company had revenue of C$8.92 billion during the quarter, compared to the consensus estimate of C$9.18 billion. On average, equities analysts expect that Sun Life Financial will post 6.9230769 EPS for the current year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be given a $0.84 dividend. The ex-dividend date is Wednesday, November 27th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.81. This represents a $3.36 annualized dividend and a yield of 4.07%. Sun Life Financial’s dividend payout ratio (DPR) is 61.36%.

Insider Transactions at Sun Life Financial

In related news, Director Stephanie Coyles bought 500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of C$70.00 per share, for a total transaction of C$35,000.00. Following the acquisition, the director now owns 500 shares in the company, valued at C$35,000. In other news, Senior Officer Linda Dougherty sold 2,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of C$75.30, for a total value of C$150,590.00. Also, Director Stephanie Coyles bought 500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was purchased at an average price of C$70.00 per share, with a total value of C$35,000.00. Following the transaction, the director now owns 500 shares in the company, valued at approximately C$35,000. Company insiders own 0.03% of the company’s stock.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.