FY2024 Earnings Estimate for Sun Life Financial Inc. (NYSE:SLF) Issued By Cormark

Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF - Investment analysts at Cormark cut their FY2024 earnings estimates for Sun Life Financial in a research report issued on Thursday, April 25th. Cormark analyst L. Persaud now expects that the financial services provider will post earnings per share of $5.03 for the year, down from their previous forecast of $5.16. The consensus estimate for Sun Life Financial's current full-year earnings is $5.03 per share. Cormark also issued estimates for Sun Life Financial's FY2025 earnings at $5.37 EPS.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.17 by $0.06. Sun Life Financial had a return on equity of 17.30% and a net margin of 7.79%. The firm had revenue of $13.73 billion during the quarter.

Separately, Jefferies Financial Group initiated coverage on shares of Sun Life Financial in a research note on Thursday, February 22nd. They set a "buy" rating for the company.

Sun Life Financial Stock Down 0.1 %

Shares of Sun Life Financial stock traded down $0.05 during trading hours on Monday, reaching $51.62. 406,458 shares of the company's stock were exchanged, compared to its average volume of 609,810. The business has a fifty day moving average of $53.39 and a two-hundred day moving average of $51.39. The company has a market capitalization of $30.07 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01. Sun Life Financial has a 1 year low of $44.57 and a 1 year high of $55.46.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Canoe Financial LP lifted its holdings in Sun Life Financial by 7,959.7% in the fourth quarter. Canoe Financial LP now owns 45,648,390 shares of the financial services provider's stock valued at $2,367,326,000 after acquiring an additional 45,082,012 shares during the last quarter. Norges Bank purchased a new stake in Sun Life Financial in the fourth quarter valued at $335,757,000. TD Asset Management Inc lifted its stake in shares of Sun Life Financial by 34.7% in the 4th quarter. TD Asset Management Inc now owns 15,665,551 shares of the financial services provider's stock valued at $816,424,000 after purchasing an additional 4,035,394 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Sun Life Financial by 171.3% during the 4th quarter. Allianz Asset Management GmbH now owns 1,172,025 shares of the financial services provider's stock worth $61,081,000 after purchasing an additional 740,014 shares during the period. Finally, AGF Management Ltd. increased its position in shares of Sun Life Financial by 91.7% during the 4th quarter. AGF Management Ltd. now owns 1,535,288 shares of the financial services provider's stock worth $79,620,000 after purchasing an additional 734,549 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company's stock.

Sun Life Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, February 28th were paid a $0.581 dividend. The ex-dividend date was Tuesday, February 27th. This is an increase from Sun Life Financial's previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 4.50%. Sun Life Financial's dividend payout ratio (DPR) is 59.79%.

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.