Sun Life Financial (NYSE:SLF) Posts Earnings Results, Hits Expectations

Key Points

• Sun Life Financial reported earnings of $1.29 per share for the quarter, meeting analyst expectations but falling short on revenue with $6.65 billion against expected $7.34 billion.
• The company announced an increase in its quarterly dividend to $0.6394 per share, resulting in an annualized yield of 4.5%.
• Analysts have varying ratings on the stock, with a consensus target price set at $88.00 following upgrades and downgrades from different research firms.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF released its quarterly earnings results on Thursday. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.29, Zacks reports. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.08%. The business had revenue of $6.65 billion for the quarter, compared to analyst estimates of $7.34 billion. During the same quarter in the previous year, the business earned $1.11 earnings per share.

Sun Life Financial Price Performance

Shares of SLF traded down $4.84 during trading hours on Friday, hitting $56.65. The stock had a trading volume of 1,656,489 shares, compared to its average volume of 766,178. The company's fifty day moving average is $63.31 and its two-hundred day moving average is $59.81. Sun Life Financial has a 52 week low of $47.60 and a 52 week high of $66.81. The stock has a market capitalization of $31.90 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.51 and a beta of 0.90.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Wednesday, August 27th will be issued a $0.6394 dividend. This represents a $2.56 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Wednesday, August 27th. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.63. Sun Life Financial's payout ratio is currently 63.12%.

Institutional Investors Weigh In On Sun Life Financial

An institutional investor recently bought a new position in Sun Life Financial stock. Brighton Jones LLC bought a new position in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,107 shares of the financial services provider's stock, valued at approximately $244,000. Institutional investors and hedge funds own 52.26% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Royal Bank Of Canada boosted their price objective on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday, May 12th. Barclays downgraded shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. Scotiabank raised shares of Sun Life Financial to a "hold" rating in a research report on Thursday, July 31st. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $88.00.

Sun Life Financial Company Profile

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.

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