Cormark Weighs in on Sun Life Financial Inc.’s Q1 2023 Earnings (NYSE:SLF)

Posted by Defense World Staff on Apr 28th, 2023

Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) – Equities research analysts at Cormark upped their Q1 2023 earnings estimates for shares of Sun Life Financial in a research note issued to investors on Tuesday, April 25th. Cormark analyst L. Persaud now forecasts that the financial services provider will earn $1.13 per share for the quarter, up from their previous forecast of $1.12. The consensus estimate for Sun Life Financial’s current full-year earnings is $4.74 per share.

Several other research analysts have also recently issued reports on SLF. TD Securities lifted their target price on shares of Sun Life Financial from C$68.00 to C$71.00 in a report on Friday, February 10th. CIBC lowered shares of Sun Life Financial from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 9th. They noted that the move was a valuation call. Credit Suisse Group lifted their price objective on shares of Sun Life Financial from C$74.00 to C$75.00 in a report on Friday, February 10th. BMO Capital Markets lifted their price objective on shares of Sun Life Financial from C$76.00 to C$78.00 in a report on Friday, February 10th. Finally, StockNews.com initiated coverage on shares of Sun Life Financial in a research report on Thursday, March 16th. They issued a “hold” rating on the stock.

Sun Life Financial Trading Up 1.7 %

Shares of SLF opened at $48.62 on Thursday. The firm’s 50-day moving average price is $47.45 and its 200-day moving average price is $46.59. The firm has a market capitalization of $28.51 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.12 and a beta of 1.00. Sun Life Financial has a 1-year low of $37.96 and a 1-year high of $51.63.

Sun Life Financial (NYSE:SLF – Get Rating) (TSE:SLF) last released its earnings results on Wednesday, February 8th. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $9.06 billion for the quarter. Sun Life Financial had a net margin of 13.70% and a return on equity of 13.28%.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Wednesday, March 1st were given a dividend of $0.541 per share. The ex-dividend date of this dividend was Tuesday, February 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.45%. Sun Life Financial’s dividend payout ratio (DPR) is 52.75%.

Institutional Investors Weigh In On Sun Life Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Sun Life Financial during the 4th quarter worth about $290,398,000. National Bank of Canada FI raised its position in shares of Sun Life Financial by 229.8% in the 4th quarter. National Bank of Canada FI now owns 6,172,350 shares of the financial services provider’s stock valued at $286,253,000 after purchasing an additional 4,300,627 shares in the last quarter. Man Group plc increased its holdings in shares of Sun Life Financial by 84.8% in the 4th quarter. Man Group plc now owns 3,141,398 shares of the financial services provider’s stock valued at $145,716,000 after acquiring an additional 1,441,387 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Sun Life Financial by 21.2% in the 3rd quarter. Toronto Dominion Bank now owns 4,501,573 shares of the financial services provider’s stock valued at $181,328,000 after acquiring an additional 786,976 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Sun Life Financial by 60.1% during the 3rd quarter. Canada Pension Plan Investment Board now owns 2,054,565 shares of the financial services provider’s stock worth $82,135,000 after buying an additional 770,965 shares during the last quarter. Institutional investors and hedge funds own 44.94% of the company’s stock.

About Sun Life Financial

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Sun Life Financial, Inc engages in the provision of insurance and asset management solutions to individual and corporate clients. It operates through the following segments: Canada, United States, Asset Management, Asia, and Corporate. The Canada segment offers individual insurance and group benefits and retirement services.