Barclays cut shares of Sun Life Financial (TSE:SLF) (NYSE:SLF) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, BayStreet.CA reports. The brokerage currently has C$57.00 price target on the financial services provider’s stock, down from their prior price target of C$58.00.
A number of other research analysts also recently commented on the stock. National Bank Financial increased their target price on shares of Sun Life Financial from C$55.00 to C$58.00 and gave the company an outperform rating in a research report on Monday, April 29th. BMO Capital Markets increased their target price on shares of Sun Life Financial from C$56.00 to C$57.00 in a research report on Friday, February 15th. Cormark set a C$54.00 target price on shares of Sun Life Financial in a research report on Friday, February 15th. CIBC downgraded shares of Sun Life Financial from a neutral rating to an underperform rating and increased their target price for the company from C$53.00 to C$54.00 in a research report on Thursday, March 14th. Finally, Desjardins increased their target price on shares of Sun Life Financial from C$58.00 to C$59.00 in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Sun Life Financial presently has an average rating of Hold and a consensus target price of C$57.09.
TSE SLF opened at C$52.39 on Wednesday. The company has a current ratio of 483.92, a quick ratio of 451.94 and a debt-to-equity ratio of 18.26. The firm has a market capitalization of $31.42 billion and a P/E ratio of 12.81. Sun Life Financial has a 12 month low of C$43.13 and a 12 month high of C$55.97.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Wednesday, May 29th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Tuesday, May 28th. This represents a $2.10 dividend on an annualized basis and a yield of 4.01%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.50. Sun Life Financial’s dividend payout ratio is currently 47.68%.
In related news, Director Dean Connor sold 73,000 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of C$52.72, for a total transaction of C$3,848,560.00. Following the completion of the sale, the director now owns 86,047 shares in the company, valued at approximately C$4,536,397.84. Also, Senior Officer Colm Joseph Freyne sold 17,730 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of C$53.54, for a total transaction of C$949,264.20.
Sun Life Financial Company Profile
Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.
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