FY2024 EPS Estimates for Sun Life Financial Inc. Decreased by Cormark (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Investment analysts at Cormark cut their FY2024 earnings per share estimates for Sun Life Financial in a research note issued on Wednesday, July 24th. Cormark analyst L. Persaud now expects that the financial services provider will earn $4.83 per share for the year, down from their prior estimate of $4.91. The consensus estimate for Sun Life Financial’s current full-year earnings is $4.81 per share. Cormark also issued estimates for Sun Life Financial’s FY2025 earnings at $5.30 EPS.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Thursday, May 9th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.09). The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $7.25 billion. Sun Life Financial had a return on equity of 16.97% and a net margin of 8.94%.

Separately, Argus upgraded Sun Life Financial to a “strong-buy” rating in a report on Monday, June 3rd.

Sun Life Financial Price Performance

Shares of NYSE:SLF opened at $49.55 on Friday. Sun Life Financial has a 1-year low of $44.57 and a 1-year high of $55.46. The business has a fifty day moving average price of $49.50 and a 200-day moving average price of $51.54. The company has a market capitalization of $28.66 billion, a PE ratio of 12.67, a PEG ratio of 1.28 and a beta of 0.99.

Institutional Investors Weigh In On Sun Life Financial

Several large investors have recently bought and sold shares of the business. Verdence Capital Advisors LLC increased its holdings in Sun Life Financial by 1.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 12,160 shares of the financial services provider’s stock worth $596,000 after buying an additional 219 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Sun Life Financial by 2.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,302 shares of the financial services provider’s stock valued at $562,000 after buying an additional 221 shares in the last quarter. Intrust Bank NA raised its stake in Sun Life Financial by 5.4% during the 4th quarter. Intrust Bank NA now owns 4,450 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 226 shares during the period. Burney Co. raised its stake in Sun Life Financial by 0.3% during the 1st quarter. Burney Co. now owns 89,252 shares of the financial services provider’s stock valued at $4,871,000 after purchasing an additional 238 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Sun Life Financial by 6.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,127 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 267 shares during the period. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Wednesday, May 29th were issued a dividend of $0.588 per share. The ex-dividend date of this dividend was Wednesday, May 29th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.58. This represents a $2.35 annualized dividend and a dividend yield of 4.75%. Sun Life Financial’s dividend payout ratio (DPR) is presently 60.10%.

Sun Life Financial Company Profile

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.