Sun Life Financial (TSE:SLF) Stock Price Down 8.9% on Analyst Downgrade

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) fell 8.9% during trading on Thursday after CIBC lowered their price target on the stock from C$97.00 to C$95.00. The stock traded as low as C$76.70 and last traded at C$77.12. 927,602 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 1,613,666 shares. The stock had previously closed at C$84.63.

Other equities analysts have also issued reports about the company. TD Securities increased their price objective on Sun Life Financial from C$81.00 to C$87.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. Scotiabank decreased their price target on Sun Life Financial from C$98.00 to C$94.00 in a research note on Friday. Jefferies Financial Group lifted their price objective on shares of Sun Life Financial from C$90.00 to C$94.00 in a research note on Thursday, November 14th. National Bankshares decreased their target price on shares of Sun Life Financial from C$95.00 to C$93.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Royal Bank of Canada boosted their price target on shares of Sun Life Financial from C$78.00 to C$82.00 in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of C$87.10.

Sun Life Financial Price Performance

The company has a fifty day simple moving average of C$84.53 and a 200-day simple moving average of C$79.51. The company has a market cap of C$44.67 billion, a P/E ratio of 11.80, a PEG ratio of 1.33 and a beta of 0.94. The company has a debt-to-equity ratio of 26.00, a current ratio of 92.19 and a quick ratio of 84,866.00.

Sun Life Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Wednesday, February 26th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.30%. Sun Life Financial’s dividend payout ratio (DPR) is presently 48.87%.

Sun Life Financial Company Profile

Sun Life Financial is one of Canada’s Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm.