Sun Life Financial (NYSE:SLF) Issues Earnings Results

Sun Life Financial (NYSE:SLF) (TSE:SLF) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.05, Zacks reports. The firm had revenue of $944.53 million for the quarter, compared to analyst estimates of $944.53 million. Sun Life Financial had a return on equity of 17.21% and a net margin of 7.59%.During the same period in the previous year, the firm earned $2.33 earnings per share.

Sun Life Financial Price Performance

Shares of NYSE:SLF traded down $0.58 during midday trading on Friday, hitting $58.51. 428,578 shares of the company’s stock were exchanged, compared to its average volume of 636,776. The stock has a 50 day moving average price of $60.18 and a 200-day moving average price of $61.30. The company has a market cap of $32.67 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.67 and a beta of 0.90. Sun Life Financial has a 12 month low of $52.44 and a 12 month high of $66.81.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.92 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.64. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Wednesday, November 26th. Sun Life Financial’s dividend payout ratio is 62.87%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SLF shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Sun Life Financial in a research note on Wednesday, October 8th. Evercore ISI restated an “outperform” rating on shares of Sun Life Financial in a report on Thursday, October 9th. UBS Group initiated coverage on shares of Sun Life Financial in a report on Thursday, October 16th. They set a “neutral” rating on the stock. National Bank Financial cut shares of Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Finally, Cibc Captl Mkts lowered Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Sun Life Financial currently has an average rating of “Moderate Buy” and a consensus price target of $88.50.

Hedge Funds Weigh In On Sun Life Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC raised its stake in shares of Sun Life Financial by 78.8% in the second quarter. Corient Private Wealth LLC now owns 27,549 shares of the financial services provider’s stock worth $1,831,000 after purchasing an additional 12,142 shares during the last quarter. Vident Advisory LLC grew its holdings in Sun Life Financial by 6.9% during the second quarter. Vident Advisory LLC now owns 37,941 shares of the financial services provider’s stock worth $2,520,000 after buying an additional 2,454 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in Sun Life Financial by 1,685.8% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 205,046 shares of the financial services provider’s stock valued at $13,625,000 after buying an additional 193,564 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Sun Life Financial during the 2nd quarter valued at $274,000. Finally, Balyasny Asset Management L.P. purchased a new position in Sun Life Financial during the 2nd quarter worth $392,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

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.