Desjardins Analysts Boost Earnings Estimates for Sun Life Financial Inc. (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Equities research analysts at Desjardins increased their Q3 2024 earnings per share (EPS) estimates for shares of Sun Life Financial in a report issued on Wednesday, October 9th. Desjardins analyst D. Young now anticipates that the financial services provider will earn $1.27 per share for the quarter, up from their previous forecast of $1.24. The consensus estimate for Sun Life Financial’s current full-year earnings is $4.86 per share. Desjardins also issued estimates for Sun Life Financial’s FY2024 earnings at $4.94 EPS and FY2026 earnings at $5.88 EPS.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Monday, August 12th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The company had revenue of $6.52 billion for the quarter, compared to the consensus estimate of $6.72 billion. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%.

Separately, Barclays initiated coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company.

Sun Life Financial Stock Performance

SLF opened at $57.22 on Friday. The stock’s 50 day moving average price is $54.55 and its 200-day moving average price is $51.94. Sun Life Financial has a 52-week low of $44.57 and a 52-week high of $58.51. The stock has a market capitalization of $33.17 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.47 and a beta of 1.00.

Sun Life Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Wednesday, August 28th were given a dividend of $0.587 per share. The ex-dividend date was Wednesday, August 28th. This represents a $2.35 dividend on an annualized basis and a yield of 4.10%. Sun Life Financial’s payout ratio is 59.85%.

Institutional Trading of Sun Life Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Verdence Capital Advisors LLC grew its holdings in Sun Life Financial by 1.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 12,160 shares of the financial services provider’s stock valued at $596,000 after buying an additional 219 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Sun Life Financial by 2.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,302 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 221 shares during the period. Burney Co. increased its position in shares of Sun Life Financial by 0.3% during the 1st quarter. Burney Co. now owns 89,252 shares of the financial services provider’s stock worth $4,871,000 after purchasing an additional 238 shares during the last quarter. Claret Asset Management Corp lifted its position in Sun Life Financial by 3.4% in the first quarter. Claret Asset Management Corp now owns 8,334 shares of the financial services provider’s stock valued at $455,000 after buying an additional 272 shares during the last quarter. Finally, PDS Planning Inc boosted its stake in Sun Life Financial by 6.2% during the first quarter. PDS Planning Inc now owns 5,245 shares of the financial services provider’s stock worth $286,000 after buying an additional 308 shares during the period. 52.26% of the stock is currently owned by institutional investors and hedge funds.

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.