Sun Life Financial (NYSE:SLF) Board Authorizes Stock Buyback Plan
Sun Life Financial (NYSE:SLF) (TSE:SLF) announced that its board has initiated a stock buyback program, which permits the company to buyback 11,500,000 outstanding shares on Wednesday, August 9th, EventVestor reports. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research note on Thursday, June 1st. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Sun Life Financial in a research note on Tuesday, May 9th. Credit Suisse Group cut shares of Sun Life Financial from an “outperform” rating to a “neutral” rating in a research note on Wednesday, May 10th. BidaskClub raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Finally, ValuEngine cut shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $45.17.
Sun Life Financial (SLF) traded down 0.94% during midday trading on Thursday, hitting $37.83. 370,656 shares of the company traded hands. The company has a market cap of $23.22 billion, a PE ratio of 11.73 and a beta of 0.88. The stock has a 50 day moving average price of $36.80 and a 200-day moving average price of $36.17. Sun Life Financial has a 12-month low of $30.38 and a 12-month high of $40.57.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.09. Sun Life Financial had a return on equity of 13.02% and a net margin of 11.31%. The company had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $7.36 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The business’s revenue for the quarter was down 14.8% on a year-over-year basis. Analysts expect that Sun Life Financial will post $3.12 EPS for the current year.
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Sun Life Financial Company Profile
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.
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