Sun Life Financial (TSE:SLF) Price Target Raised to C$111.00

Key Points

• Scotiabank raised Sun Life Financial’s price target from C$98.00 to C$111.00 while keeping a sector perform rating. The new target implies a slight downside from the current share price.
• Other analysts have also been adjusting views on the stock, with recent targets ranging from C$85.00 to C$116.00. MarketBeat says the overall consensus remains a Moderate Buy with an average price target of C$105.09.
• Sun Life shares recently traded at C$114.09, near their 52-week high of C$114.53, after reporting quarterly earnings of C$1.89 per share on revenue of C$8.73 billion. The company also saw notable insider selling in recent months.

Sun Life Financial (TSE:SLF - Get Free Report) NYSE: SLF had its price target lifted by Scotiabank from C$98.00 to C$111.00 in a research note issued on Wednesday,BayStreet.CA reports. The firm presently has a "sector perform" rating on the financial services provider's stock. Scotiabank's price target points to a potential downside of 2.71% from the company's current price.

Several other research firms also recently weighed in on SLF. National Bank Financial cut their price objective on Sun Life Financial from C$109.00 to C$108.00 and set an "outperform" rating on the stock in a report on Thursday, May 7th. BMO Capital Markets increased their target price on Sun Life Financial from C$99.00 to C$105.00 in a research report on Friday, May 8th. Canadian Imperial Bank of Commerce lifted their price target on Sun Life Financial from C$102.00 to C$116.00 in a research note on Wednesday. Barclays boosted their price target on Sun Life Financial from C$84.00 to C$85.00 in a report on Wednesday, April 8th. Finally, TD upped their price objective on Sun Life Financial from C$102.00 to C$107.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sun Life Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of C$105.09.

Sun Life Financial Price Performance

TSE:SLF traded up C$2.19 on Wednesday, hitting C$114.09. The company had a trading volume of 509,896 shares, compared to its average volume of 1,939,056. The stock has a market capitalization of C$63.24 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 1.33 and a beta of 0.79. The company has a current ratio of 6.03, a quick ratio of 84,866.00 and a debt-to-equity ratio of 32.51. The firm has a 50 day moving average of C$105.00 and a two-hundred day moving average of C$94.71. Sun Life Financial has a 52 week low of C$77.38 and a 52 week high of C$114.53.

Sun Life Financial (TSE:SLF - Get Free Report) NYSE: SLF last issued its earnings results on Wednesday, May 6th. The financial services provider reported C$1.89 earnings per share for the quarter. The firm had revenue of C$8.73 billion for the quarter. Sun Life Financial had a net margin of 9.12% and a return on equity of 12.89%. On average, research analysts anticipate that Sun Life Financial will post 6.9230769 earnings per share for the current year.

Insider Activity

In other news, insider Jacques Jr. Goulet sold 35,000 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of C$97.80, for a total transaction of C$3,423,000.00. Following the completion of the transaction, the insider directly owned 1,054 shares in the company, valued at C$103,081.20. This trade represents a 97.08% decrease in their ownership of the stock. Also, insider Manjit Singh sold 188,312 shares of Sun Life Financial stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of C$103.20, for a total value of C$19,433,798.40. Following the completion of the transaction, the insider directly owned 547 shares in the company, valued at approximately C$56,450.40. This represents a 99.71% decrease in their ownership of the stock. In the last three months, insiders sold 380,998 shares of company stock worth $38,271,605. 0.03% of the stock is owned by corporate insiders.

About Sun Life Financial

Sun Life Financial is one of Canada's Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm. Sun Life generates about a third of its profit from asset-management operations.

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