Sun Life Financial (NYSE:SLF) Price Target Raised to $88.00

Sun Life Financial (NYSE:SLF) (TSE:SLF) had its price objective lifted by Argus from $81.00 to $88.00 in a research report sent to investors on Thursday morning, MarketBeat.com reports. Argus currently has a buy rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. TD Cowen reiterated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. BMO Capital Markets restated an “outperform” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Evercore cut Sun Life Financial from an “outperform” rating to an “in-line” rating in a report on Monday, July 13th. UBS Group reiterated a “neutral” rating on shares of Sun Life Financial in a research report on Wednesday. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Sun Life Financial has a consensus rating of “Moderate Buy” and an average target price of $98.67.

Sun Life Financial Stock Up 0.2%

NYSE SLF opened at $80.97 on Thursday. The company has a 50-day moving average price of $80.51 and a 200-day moving average price of $73.13. Sun Life Financial has a 52 week low of $57.22 and a 52 week high of $84.38. The firm has a market capitalization of $49.32 billion, a P/E ratio of 18.93, a PEG ratio of 2.02 and a beta of 0.87.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.96%. The company had revenue of $10.10 billion for the quarter, compared to the consensus estimate of $994.33 million. As a group, equities research analysts anticipate that Sun Life Financial will post 5.74 EPS for the current year.

Sun Life Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Wednesday, August 26th. Sun Life Financial’s dividend payout ratio is presently 64.02%.

Institutional Trading of Sun Life Financial

Several institutional investors and hedge funds have recently modified their holdings of the company. Cassaday & Co Wealth Management LLC bought a new stake in Sun Life Financial during the first quarter valued at about $25,000. Brown Brothers Harriman & Co. bought a new position in shares of Sun Life Financial in the fourth quarter worth about $30,000. Sittner & Nelson LLC purchased a new stake in shares of Sun Life Financial during the fourth quarter worth about $33,000. Scarborough Advisors LLC purchased a new stake in shares of Sun Life Financial during the first quarter worth about $33,000. Finally, First Bancorp Inc ME bought a new stake in Sun Life Financial during the 2nd quarter valued at approximately $35,000. 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.