Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) had its target price increased by Morgan Stanley from $52.00 to $53.00 in a report published on Thursday morning. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

SLF has been the topic of a number of other research reports. BidaskClub upgraded shares of Sun Life Financial from a buy rating to a strong-buy rating in a research report on Saturday, August 19th. Zacks Investment Research lowered shares of Sun Life Financial from a buy rating to a hold rating in a research report on Tuesday, September 19th. ValuEngine upgraded shares of Sun Life Financial from a hold rating to a buy rating in a research report on Wednesday, June 28th. TD Securities increased their target price on shares of Sun Life Financial from $50.00 to $51.00 and gave the stock a hold rating in a research report on Thursday, August 10th. Finally, Bank of America Corporation upgraded shares of Sun Life Financial from an underperform rating to a hold rating in a research report on Monday, July 10th. Ten equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Sun Life Financial has a consensus rating of Hold and an average price target of $49.00.

Shares of Sun Life Financial (SLF) traded down 0.05% on Thursday, reaching $39.80. 186,888 shares of the company’s stock were exchanged. Sun Life Financial has a 12 month low of $32.03 and a 12 month high of $40.57. The company has a market cap of $24.43 billion, a price-to-earnings ratio of 11.52 and a beta of 0.88. The firm’s 50-day moving average price is $38.85 and its 200 day moving average price is $36.42.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.09. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.29%. The firm had revenue of $8.12 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue was down 14.8% compared to the same quarter last year. Equities research analysts predict that Sun Life Financial will post $3.31 EPS for the current fiscal year.

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Sun Life Financial announced that its Board of Directors has authorized a share buyback program on Wednesday, August 9th that permits the company to buyback 11,500,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Wednesday, August 30th were issued a dividend of $0.3439 per share. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Monday, August 28th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.32. Sun Life Financial’s dividend payout ratio is 43.85%.

Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC lifted its holdings in shares of Sun Life Financial by 0.7% during the 2nd quarter. Advisory Services Network LLC now owns 5,338 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 38 shares during the period. Scotia Capital Inc. lifted its holdings in shares of Sun Life Financial by 3.4% during the 2nd quarter. Scotia Capital Inc. now owns 1,677,941 shares of the financial services provider’s stock worth $59,926,000 after acquiring an additional 54,456 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Sun Life Financial by 39.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 11,929 shares of the financial services provider’s stock worth $427,000 after acquiring an additional 3,377 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Sun Life Financial by 147.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,628 shares of the financial services provider’s stock worth $168,000 after acquiring an additional 2,163 shares during the period. Finally, Gotham Asset Management LLC lifted its holdings in shares of Sun Life Financial by 8.4% during the 2nd quarter. Gotham Asset Management LLC now owns 8,820 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 683 shares during the period. 40.90% of the stock is owned by institutional investors.

About Sun Life Financial

Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.

Analyst Recommendations for Sun Life Financial (NYSE:SLF)

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