FY2024 EPS Estimates for Sun Life Financial Inc. Reduced by Analyst (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Analysts at Cormark dropped their FY2024 earnings per share estimates for Sun Life Financial in a report released on Thursday, April 25th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $5.03 for the year, down from their prior estimate 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.

Separately, Jefferies Financial Group initiated coverage on Sun Life Financial in a research report on Thursday, February 22nd. They issued a “buy” rating on the stock.

Sun Life Financial Stock Performance

Shares of SLF opened at $51.06 on Monday. Sun Life Financial has a 52-week low of $44.57 and a 52-week high of $55.46. The business’s 50 day moving average price is $53.32 and its two-hundred day moving average price is $51.41. The firm has a market cap of $29.74 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, February 7th. The financial services provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, February 28th were given a $0.581 dividend. 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 4.55%. The ex-dividend date of this dividend was Tuesday, February 27th. Sun Life Financial’s payout ratio is currently 59.79%.

Institutional Investors Weigh In On Sun Life Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLF. Addenda Capital Inc. lifted its position in Sun Life Financial by 21.1% during the 4th quarter. Addenda Capital Inc. now owns 148,679 shares of the financial services provider’s stock worth $7,710,000 after acquiring an additional 25,886 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Sun Life Financial during the 4th quarter valued at about $2,299,000. International Assets Investment Management LLC purchased a new position in shares of Sun Life Financial during the 4th quarter valued at about $2,138,000. Wellington Management Group LLP purchased a new position in shares of Sun Life Financial during the 3rd quarter valued at about $3,610,000. Finally, Barometer Capital Management Inc. raised its stake in shares of Sun Life Financial by 7.2% during the 3rd quarter. Barometer Capital Management Inc. now owns 151,850 shares of the financial services provider’s stock valued at $7,410,000 after buying an additional 10,200 shares during the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

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.