Sun Life Financial (SLF) Downgraded by CIBC
CIBC lowered shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a neutral rating to an underperform rating in a research note published on Thursday, MarketBeat reports. They currently have $54.00 price target on the financial services provider’s stock, up from their previous price target of $53.00.
Several other equities analysts have also commented on the company. Zacks Investment Research lowered Sun Life Financial from a hold rating to a sell rating in a research note on Thursday, January 3rd. Scotiabank reaffirmed a hold rating and issued a $54.00 price target on shares of Sun Life Financial in a research note on Wednesday, February 20th. Canaccord Genuity reaffirmed a hold rating on shares of Sun Life Financial in a research note on Tuesday, February 5th. Finally, Argus raised Sun Life Financial from a hold rating to a buy rating in a research note on Monday, December 31st. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Sun Life Financial has a consensus rating of Hold and an average price target of $52.20.
NYSE SLF opened at $38.32 on Thursday. The firm has a market cap of $22.93 billion, a price-to-earnings ratio of 10.22 and a beta of 0.86. Sun Life Financial has a fifty-two week low of $31.49 and a fifty-two week high of $43.99.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.381 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Thursday, February 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.38. Sun Life Financial’s dividend payout ratio is 40.53%.
Several institutional investors have recently made changes to their positions in the company. Bremer Trust National Association purchased a new stake in shares of Sun Life Financial in the 4th quarter valued at $28,000. Enlightenment Research LLC purchased a new stake in shares of Sun Life Financial in the 4th quarter valued at $33,000. Arbor Wealth Management LLC purchased a new stake in shares of Sun Life Financial in the 4th quarter valued at $33,000. Lindbrook Capital LLC purchased a new stake in shares of Sun Life Financial in the 4th quarter valued at $36,000. Finally, Lake Point Wealth Management purchased a new stake in shares of Sun Life Financial in the 4th quarter valued at $47,000. 40.84% of the stock is currently owned by institutional investors and hedge funds.
Sun Life Financial Company Profile
Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.
Further Reading: Beta
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