Research Analysts Set Expectations for SLF FY2024 Earnings

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Analysts at Cormark lifted their FY2024 earnings estimates for shares of Sun Life Financial in a research note issued to investors on Tuesday, November 5th. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings per share of $4.87 for the year, up from their previous estimate of $4.82. The consensus estimate for Sun Life Financial’s current full-year earnings is $4.86 per share. Cormark also issued estimates for Sun Life Financial’s FY2025 earnings at $5.40 EPS.

Several other equities research analysts have also recently weighed in on the company. Barclays assumed coverage on Sun Life Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. StockNews.com raised shares of Sun Life Financial from a “hold” rating to a “buy” rating in a report on Wednesday.

Sun Life Financial Stock Performance

Shares of SLF opened at $59.62 on Thursday. Sun Life Financial has a 52-week low of $46.41 and a 52-week high of $59.81. The stock’s 50-day simple moving average is $56.62 and its 200 day simple moving average is $52.48. The stock has a market capitalization of $37.57 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results on Monday, August 12th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.07. The firm had revenue of $6.52 billion for the quarter, compared to the consensus estimate of $6.72 billion. Sun Life Financial had a return on equity of 17.68% and a net margin of 7.32%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SLF. Signaturefd LLC lifted its position in Sun Life Financial by 2.6% during the first quarter. Signaturefd LLC now owns 22,939 shares of the financial services provider’s stock valued at $1,252,000 after purchasing an additional 574 shares during the last quarter. Csenge Advisory Group purchased a new stake in shares of Sun Life Financial during the 1st quarter valued at $232,000. Sciencast Management LP bought a new stake in shares of Sun Life Financial during the 1st quarter worth $595,000. Hilltop National Bank purchased a new position in Sun Life Financial in the first quarter worth $1,105,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Sun Life Financial in the first quarter valued at $315,000. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, November 27th will be given a dividend of $0.621 per share. This represents a $2.48 annualized dividend and a yield of 4.17%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, November 27th. Sun Life Financial’s payout ratio is presently 52.34%.

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.