Desjardins Expects Weaker Earnings for Sun Life Financial

Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF - Desjardins lowered their FY2024 earnings per share estimates for Sun Life Financial in a research report issued on Tuesday, November 5th. Desjardins analyst D. Young now expects that the financial services provider will post earnings per share of $4.86 for the year, down from their prior estimate of $4.94. The consensus estimate for Sun Life Financial's current full-year earnings is $4.87 per share.

Other equities research analysts have also recently issued reports about the stock. StockNews.com upgraded shares of Sun Life Financial from a "hold" rating to a "buy" rating in a research note on Wednesday. Barclays started coverage on shares of Sun Life Financial in a research report on Thursday, September 5th. They issued an "equal weight" rating on the stock.

Sun Life Financial Price Performance

Shares of NYSE SLF traded down $0.36 during midday trading on Friday, reaching $59.24. 430,723 shares of the company traded hands, compared to its average volume of 659,572. Sun Life Financial has a 52 week low of $46.41 and a 52 week high of $59.81. The stock has a 50-day moving average price of $56.62 and a 200 day moving average price of $52.48. The company has a market cap of $37.33 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.51 and a beta of 1.01.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its quarterly earnings data on Monday, August 12th. The financial services provider reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.07. Sun Life Financial had a net margin of 7.32% and a return on equity of 17.44%. The business had revenue of $6.52 billion for the quarter, compared to analysts' expectations of $6.72 billion.

Hedge Funds Weigh In On Sun Life Financial

A number of institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. increased its stake in Sun Life Financial by 0.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 62,589 shares of the financial services provider's stock worth $3,635,000 after purchasing an additional 200 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Sun Life Financial by 1.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 12,160 shares of the financial services provider's stock worth $596,000 after purchasing an additional 219 shares in the last quarter. Burney Co. increased its stake in Sun Life Financial by 0.3% in the 1st quarter. Burney Co. now owns 89,252 shares of the financial services provider's stock worth $4,871,000 after purchasing an additional 238 shares in the last quarter. Addison Advisors LLC increased its stake in Sun Life Financial by 124.9% in the 3rd quarter. Addison Advisors LLC now owns 650 shares of the financial services provider's stock worth $38,000 after purchasing an additional 361 shares in the last quarter. Finally, Blair William & Co. IL increased its stake in Sun Life Financial by 3.0% in the 1st quarter. Blair William & Co. IL now owns 12,568 shares of the financial services provider's stock worth $686,000 after purchasing an additional 366 shares in the last quarter. Hedge funds and other institutional investors own 52.26% of the company's stock.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be given a $0.621 dividend. The ex-dividend date is Wednesday, November 27th. This is a boost from Sun Life Financial's previous quarterly dividend of $0.59. This represents a $2.48 annualized dividend and a yield of 4.19%. Sun Life Financial's payout ratio is 52.34%.

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.