Sun Life Financial (NYSE:SLF) Downgraded by TD Securities to “Hold”

TD Securities downgraded shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a strong-buy rating to a hold rating in a research note released on Thursday morning,Zacks reports.

A number of other equities research analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 26th. Scotiabank upgraded Sun Life Financial from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, October 27th. Barclays reissued an “underweight” rating on shares of Sun Life Financial in a research report on Wednesday, October 7th. Evercore lowered Sun Life Financial from an “outperform” rating to an “in-line” rating in a research note on Monday, July 13th. Finally, Weiss Ratings raised Sun Life Financial from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sun Life Financial presently has a consensus rating of “Hold” and a consensus price target of $103.50.

Sun Life Financial Trading Down 10.4%

NYSE SLF opened at $73.47 on Thursday. Sun Life Financial has a 12 month low of $57.22 and a 12 month high of $84.38. The stock has a 50 day moving average of $79.31 and a 200-day moving average of $73.64. The company has a market cap of $40.81 billion, a PE ratio of 19.09, a PEG ratio of 2.03 and a beta of 0.86.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.02. The firm had revenue of $986.89 million during the quarter, compared to analysts’ expectations of $986.89 million. Sun Life Financial had a net margin of 8.62% and a return on equity of 18.76%. As a group, sell-side analysts predict that Sun Life Financial will post 5.77 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Wednesday, November 25th will be issued a C$1.00 dividend. This is an increase from Sun Life Financial’s previous quarterly dividend of C$0.96. This represents a $4.00 annualized dividend and a dividend yield of 5.4%. The ex-dividend date is Wednesday, November 25th. Sun Life Financial’s dividend payout ratio is presently 64.02%.

Hedge Funds Weigh In On Sun Life Financial

Several large investors have recently modified their holdings of the stock. Bank of Nova Scotia acquired a new stake in shares of Sun Life Financial during the second quarter worth $544,052,000. The Manufacturers Life Insurance Company acquired a new position in shares of Sun Life Financial in the second quarter valued at about $293,050,000. Canada Pension Plan Investment Board acquired a new position in shares of Sun Life Financial in the second quarter valued at about $292,980,000. Legal & General Group Plc bought a new position in Sun Life Financial during the second quarter worth about $280,312,000. Finally, Wellington Management Group LLP bought a new position in Sun Life Financial during the second quarter worth about $220,567,000. 52.26% of the stock is owned by institutional investors.

Key Headlines Impacting Sun Life Financial

Here are the key news stories impacting Sun Life Financial this week:

• Positive Sentiment: Underlying earnings per share rose by double digits, and reported EPS of $1.47 modestly beat the $1.45 consensus estimate. Sun Life also raised its quarterly common dividend by $0.04 to $1.00 per share, payable Dec. 31. Sun Life Q3 results Dividend announcement
• Neutral Sentiment: Management outlined a target of a 35%+ GreenOak fee-related earnings margin. This is a forward-looking goal, rather than a reported result. GreenOak margin target and dividend
• Negative Sentiment: Reported Q3 profit fell 29%, tempering the stronger underlying earnings picture. TD Cowen cut its rating from Buy to Hold, while National Bank Financial lowered its rating from Outperform to Sector Perform. Shares also crossed below their 200-day moving average, a technical sign that may weigh on sentiment. Q3 profit report TD Cowen downgrade Moving-average breakdown

About Sun Life Financial

Sun Life Financial Inc (NYSE: SLF) is a Canadian financial services company that provides insurance, wealth, and asset management solutions to individuals, businesses, and institutions. Its offerings include life, health, and dental insurance; retirement and savings products; investment solutions; and employee benefits.

Through its asset management businesses, Sun Life provides investment management and advisory services to institutional and retail clients. The company also offers workplace pension, group insurance, and employee wellness programs, helping employers support the financial security and health of their employees.

Founded in Montreal in 1865, Sun Life serves clients primarily in Canada, the United States, and several Asian markets, including Hong Kong, the Philippines, Indonesia, India, and Vietnam.