Sun Life Financial Inc. (TSE:SLF) to Post FY2024 Earnings of $6.61 Per Share, Cormark Forecasts

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) – Analysts at Cormark decreased their FY2024 earnings estimates for shares of Sun Life Financial in a report issued on Wednesday, July 24th. Cormark analyst L. Persaud now expects that the financial services provider will post earnings per share of $6.61 for the year, down from their previous estimate of $6.71. The consensus estimate for Sun Life Financial’s current full-year earnings is $6.35 per share. Cormark also issued estimates for Sun Life Financial’s FY2025 earnings at $7.26 EPS.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last announced its earnings results on Thursday, May 9th. The financial services provider reported C$1.50 EPS for the quarter, missing the consensus estimate of C$1.64 by C($0.14). Sun Life Financial had a return on equity of 13.68% and a net margin of 10.12%. The firm had revenue of C$6.88 billion during the quarter, compared to analyst estimates of C$9.96 billion.

Other analysts have also recently issued reports about the stock. Jefferies Financial Group decreased their price target on shares of Sun Life Financial from C$83.00 to C$78.00 in a report on Thursday, July 18th. Scotiabank cut their price objective on shares of Sun Life Financial from C$76.00 to C$73.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. TD Securities raised their price objective on shares of Sun Life Financial from C$71.00 to C$73.00 in a research report on Friday, July 12th. CIBC raised their price objective on shares of Sun Life Financial from C$77.00 to C$80.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Finally, Royal Bank of Canada lowered their price objective on shares of Sun Life Financial from C$77.00 to C$76.00 and set an “outperform” rating on the stock in a research note on Monday, May 13th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$75.73.

Sun Life Financial Stock Performance

Shares of SLF opened at C$68.56 on Friday. The company has a debt-to-equity ratio of 26.46, a current ratio of 56.69 and a quick ratio of 84,866.00. The stock has a market cap of C$39.84 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.25 and a beta of 0.96. The company has a 50-day moving average of C$67.78 and a two-hundred day moving average of C$70.12. Sun Life Financial has a one year low of C$61.84 and a one year high of C$74.94.

Insiders Place Their Bets

In other Sun Life Financial news, Director Stephanie Coyles purchased 900 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of C$69.15 per share, for a total transaction of C$62,235.00. In other Sun Life Financial news, Director Stephanie Coyles purchased 900 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of C$69.15 per share, for a total transaction of C$62,235.00. Also, Director Kevin Strain purchased 12,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were acquired at an average price of C$67.48 per share, for a total transaction of C$809,760.00. Corporate insiders own 0.03% of the company’s stock.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Wednesday, May 29th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Wednesday, May 29th. This represents a $3.24 dividend on an annualized basis and a yield of 4.73%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.78. Sun Life Financial’s payout ratio is currently 62.31%.

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.