Sun Life Financial (NYSE:SLF) Raised to “Buy” at Veritas Investment Research

Veritas Investment Research upgraded shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a sell rating to a buy rating in a report published on Thursday, The Fly reports.

A number of other analysts have also commented on the stock. Credit Suisse Group reduced their price objective on shares of Sun Life Financial from $61.00 to $59.00 and set an outperform rating for the company in a research note on Friday, May 15th. They noted that the move was a valuation call. Barclays upped their target price on Sun Life Financial from $39.00 to $44.00 and gave the company an underweight rating in a report on Thursday, April 9th. CIBC upped their target price on Sun Life Financial from $57.00 to $59.00 and gave the company a neutral rating in a report on Thursday, May 7th. TheStreet upgraded Sun Life Financial from a c+ rating to a b- rating in a report on Thursday, July 23rd. Finally, Scotiabank upped their target price on Sun Life Financial from $58.00 to $60.00 and gave the company an outperform rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $56.35.

SLF stock opened at $38.97 on Thursday. Sun Life Financial has a one year low of $24.37 and a one year high of $50.13. The firm has a market capitalization of $22.78 billion, a PE ratio of 12.82, a P/E/G ratio of 1.26 and a beta of 1.00. The firm has a 50-day moving average of $37.32 and a two-hundred day moving average of $38.27.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.52. Sun Life Financial had a net margin of 7.01% and a return on equity of 13.77%. The company had revenue of $4.82 billion during the quarter. During the same period in the prior year, the company posted $1.20 earnings per share. As a group, analysts forecast that Sun Life Financial will post 3.44 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in SLF. Acadian Asset Management LLC increased its holdings in Sun Life Financial by 36.3% in the first quarter. Acadian Asset Management LLC now owns 4,998,700 shares of the financial services provider’s stock worth $158,988,000 after buying an additional 1,332,205 shares during the last quarter. AGF Investments Inc. increased its holdings in Sun Life Financial by 254.0% in the first quarter. AGF Investments Inc. now owns 1,184,241 shares of the financial services provider’s stock worth $38,095,000 after buying an additional 849,721 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in Sun Life Financial by 73.5% in the first quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,762,341 shares of the financial services provider’s stock worth $56,144,000 after buying an additional 746,400 shares during the last quarter. QV Investors Inc. acquired a new position in Sun Life Financial in the first quarter worth approximately $22,854,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Sun Life Financial by 15.3% in the first quarter. The Manufacturers Life Insurance Company now owns 5,352,787 shares of the financial services provider’s stock worth $170,247,000 after buying an additional 708,803 shares during the last quarter. Hedge funds and other institutional investors own 43.14% of the company’s stock.

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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