Brokerages Set Sun Life Financial Inc. (NYSE:SLF) Price Target at $88.00

Shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $88.00.

Several brokerages have issued reports on SLF. Cormark upgraded shares of Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research note on Thursday, February 13th. Royal Bank of Canada lifted their price target 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. Scotiabank reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Thursday, May 1st. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Monday, May 12th.

Sun Life Financial Trading Up 0.0%

SLF opened at $65.23 on Friday. The stock has a market capitalization of $36.76 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.52 and a beta of 0.92. Sun Life Financial has a 12 month low of $46.41 and a 12 month high of $65.56. The firm’s fifty day simple moving average is $59.98 and its 200 day simple moving average is $58.79.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.05. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. The firm had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the previous year, the business earned $1.40 EPS. On average, equities research analysts predict that Sun Life Financial will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Wednesday, May 28th will be paid a dividend of $0.6332 per share. The ex-dividend date of this dividend is Wednesday, May 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.59. This represents a $2.53 annualized dividend and a dividend yield of 3.88%. Sun Life Financial’s payout ratio is currently 64.89%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Human Investing LLC acquired a new position in shares of Sun Life Financial during the 4th quarter worth about $26,000. Investment Management Corp VA ADV increased its stake in shares of Sun Life Financial by 164.5% during the 1st quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 385 shares during the last quarter. Hexagon Capital Partners LLC increased its stake in shares of Sun Life Financial by 53.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 231 shares during the last quarter. Asset Planning Inc bought a new stake in shares of Sun Life Financial during the 4th quarter worth about $40,000. Finally, BankPlus Trust Department bought a new stake in shares of Sun Life Financial during the 4th quarter worth about $40,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

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.