Q1 2024 EPS Estimates for Sun Life Financial Inc. (NYSE:SLF) Raised by Analyst

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Stock analysts at Cormark raised their Q1 2024 earnings estimates for shares of Sun Life Financial in a research note issued on Thursday, April 25th. Cormark analyst L. Persaud now expects that the financial services provider will earn $1.19 per share for the quarter, up from their prior estimate of $1.18. The consensus estimate for Sun Life Financial’s current full-year earnings is $5.06 per share.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.06. Sun Life Financial had a net margin of 7.79% and a return on equity of 17.30%. The business had revenue of $13.73 billion for the quarter.

Separately, Jefferies Financial Group initiated coverage on shares of Sun Life Financial in a report on Thursday, February 22nd. They issued a “buy” rating for the company.

Sun Life Financial Stock Up 0.7 %

Shares of NYSE:SLF opened at $51.67 on Friday. Sun Life Financial has a 52-week low of $44.57 and a 52-week high of $55.46. The company has a 50 day moving average of $53.44 and a two-hundred day moving average of $51.36. The company has a market capitalization of $30.10 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SLF. Addenda Capital Inc. increased its stake in Sun Life Financial by 21.1% in the 4th quarter. Addenda Capital Inc. now owns 148,679 shares of the financial services provider’s stock worth $7,710,000 after purchasing an additional 25,886 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Sun Life Financial in the 4th quarter worth about $2,299,000. International Assets Investment Management LLC purchased a new position in Sun Life Financial in the 4th quarter worth about $2,138,000. Barometer Capital Management Inc. increased its stake in Sun Life Financial by 7.2% in the 3rd quarter. Barometer Capital Management Inc. now owns 151,850 shares of the financial services provider’s stock worth $7,410,000 after purchasing an additional 10,200 shares in the last quarter. Finally, Alberta Investment Management Corp increased its stake in Sun Life Financial by 12.6% in the 3rd quarter. Alberta Investment Management Corp now owns 2,316,743 shares of the financial services provider’s stock worth $113,558,000 after purchasing an additional 258,800 shares in the last quarter. 52.26% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, February 28th were issued a dividend of $0.581 per share. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend was Tuesday, February 27th. Sun Life Financial’s payout ratio is presently 59.79%.

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.