Sun Life Financial (NYSE:SLF) Rating Increased to Hold at Scotiabank

Key Points

• Sun Life Financial (NYSE:SLF) was upgraded to a "hold" rating by Scotiabank, with other analysts providing varied ratings including one sell, two holds, and three buys.
• The company's earnings report showed $1.27 earnings per share for the quarter, exceeding expectations, alongside revenue of $7.91 billion, which was significantly above estimates of $6.44 billion.
• Recent institutional trading highlights include Vanguard Group increasing its position in Sun Life Financial by 1.5%, now holding over 24.5 million shares.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF was upgraded by analysts at Scotiabank to a "hold" rating in a report issued on Thursday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Royal Bank Of Canada raised their target price on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a report on Monday, May 12th. Finally, Barclays lowered Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $88.00.

Sun Life Financial Stock Performance

NYSE:SLF traded up $1.12 during mid-day trading on Thursday, reaching $61.84. The stock had a trading volume of 694,707 shares, compared to its average volume of 678,714. The business has a 50 day simple moving average of $63.56 and a 200 day simple moving average of $59.78. Sun Life Financial has a twelve month low of $46.83 and a twelve month high of $66.81. The firm has a market capitalization of $34.83 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 1.64 and a beta of 0.90.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings data on Thursday, May 8th. The financial services provider reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.05. The firm had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $6.44 billion. Sun Life Financial had a return on equity of 17.33% and a net margin of 7.47%. During the same period last year, the business posted $1.40 EPS. As a group, sell-side analysts expect that Sun Life Financial will post 5.19 earnings per share for the current year.

Hedge Funds Weigh In On Sun Life Financial

Hedge funds have recently added to or reduced their stakes in the company. Benjamin Edwards Inc. lifted its position in shares of Sun Life Financial by 3.4% in the first quarter. Benjamin Edwards Inc. now owns 5,052 shares of the financial services provider's stock worth $289,000 after purchasing an additional 167 shares in the last quarter. NorthCrest Asset Manangement LLC increased its stake in Sun Life Financial by 1.7% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 10,801 shares of the financial services provider's stock valued at $618,000 after buying an additional 180 shares during the last quarter. HighPoint Advisor Group LLC lifted its position in Sun Life Financial by 4.4% during the 1st quarter. HighPoint Advisor Group LLC now owns 4,330 shares of the financial services provider's stock worth $256,000 after buying an additional 181 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Sun Life Financial by 0.4% during the 1st quarter. Public Sector Pension Investment Board now owns 55,447 shares of the financial services provider's stock worth $3,173,000 after buying an additional 200 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Sun Life Financial by 4.5% in the 4th quarter. Tidal Investments LLC now owns 5,147 shares of the financial services provider's stock valued at $305,000 after acquiring an additional 222 shares in the last quarter. Institutional investors own 52.26% 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.