Sun Life Financial (NYSE:SLF) Stock Price Down 7% – Here’s Why

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) shares were down 7% on Thursday . The company traded as low as $53.65 and last traded at $54.86. Approximately 300,462 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 529,314 shares. The stock had previously closed at $59.01.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a report on Wednesday, January 15th. StockNews.com lowered Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Sun Life Financial Stock Performance

The stock has a market capitalization of $34.65 billion, a PE ratio of 12.29, a P/E/G ratio of 1.61 and a beta of 1.03. The firm’s 50 day moving average is $58.78 and its two-hundred day moving average is $57.13.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.30. Sun Life Financial had a net margin of 7.32% and a return on equity of 17.44%. On average, analysts anticipate that Sun Life Financial Inc. will post 4.76 EPS for the current year.

Sun Life Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Wednesday, February 26th will be issued a dividend of $0.5876 per share. The ex-dividend date is Wednesday, February 26th. This represents a $2.35 annualized dividend and a dividend yield of 4.26%. Sun Life Financial’s payout ratio is 57.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning boosted its stake in shares of Sun Life Financial by 1.2% in the third quarter. Creative Planning now owns 48,558 shares of the financial services provider’s stock valued at $2,817,000 after purchasing an additional 590 shares during the period. Heathbridge Capital Management Ltd. acquired a new stake in Sun Life Financial in the third quarter valued at $244,000. Well Done LLC bought a new stake in shares of Sun Life Financial in the 3rd quarter worth about $216,000. Blue Trust Inc. grew its position in shares of Sun Life Financial by 123.7% in the 3rd quarter. Blue Trust Inc. now owns 7,661 shares of the financial services provider’s stock worth $444,000 after acquiring an additional 4,237 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Sun Life Financial by 5.6% in the 3rd quarter. Signaturefd LLC now owns 25,319 shares of the financial services provider’s stock valued at $1,469,000 after acquiring an additional 1,348 shares during the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

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.