Sun Life Financial (NYSE:SLF) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a hold rating to a sell rating in a research report report published on Saturday morning.

Other equities analysts have also issued reports about the company. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Securities reaffirmed a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. National Bank Financial upgraded shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Friday, April 24th. Barclays reissued an “underweight” rating on shares of Sun Life Financial in a research note on Tuesday, July 7th. Finally, Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.67.

Sun Life Financial Trading Down 1.3%

Sun Life Financial stock opened at $80.68 on Friday. Sun Life Financial has a 1-year low of $56.22 and a 1-year high of $82.25. The firm has a market capitalization of $44.97 billion, a PE ratio of 20.79 and a beta of 0.88. The firm’s 50 day simple moving average is $76.06 and its 200 day simple moving average is $69.08.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.03. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $925.99 million. During the same period in the previous year, the business posted $1.82 earnings per share. Research analysts forecast that Sun Life Financial will post 5.69 earnings per share for the current year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th were issued a $0.96 dividend. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Wednesday, May 27th. Sun Life Financial’s dividend payout ratio (DPR) is 72.94%.

Institutional Investors Weigh In On Sun Life Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Sun Life Financial during the 4th quarter valued at approximately $398,037,000. Morgan Stanley grew its position in shares of Sun Life Financial by 86.6% in the 4th quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after buying an additional 1,834,772 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Sun Life Financial by 2,187.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock valued at $100,276,000 after buying an additional 1,531,200 shares during the period. Bank of Nova Scotia increased its stake in shares of Sun Life Financial by 27.1% during the fourth quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock valued at $373,984,000 after buying an additional 1,277,583 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Sun Life Financial by 123.4% during the fourth quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock valued at $140,339,000 after acquiring an additional 1,240,241 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Company Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.