Analysts Set Expectations for Sun Life Financial Inc.’s Q3 2024 Earnings (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Stock analysts at Desjardins raised their Q3 2024 earnings per share estimates for Sun Life Financial in a research report issued to clients and investors on Wednesday, October 9th. Desjardins analyst D. Young now anticipates that the financial services provider will post earnings per share of $1.27 for the quarter, up from their previous estimate of $1.24. The consensus estimate for Sun Life Financial’s current full-year earnings is $4.86 per share. Desjardins also issued estimates for Sun Life Financial’s FY2024 earnings at $4.94 EPS and FY2026 earnings at $5.88 EPS.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Monday, August 12th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.07. Sun Life Financial had a net margin of 8.60% and a return on equity of 17.47%. The firm had revenue of $6.52 billion for the quarter, compared to analysts’ expectations of $6.72 billion.

Separately, Barclays started coverage on Sun Life Financial in a research report on Thursday, September 5th. They set an “equal weight” rating for the company.

Sun Life Financial Stock Performance

SLF opened at $57.22 on Friday. The stock has a market capitalization of $33.03 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.47 and a beta of 1.00. Sun Life Financial has a fifty-two week low of $44.57 and a fifty-two week high of $58.51. The company has a fifty day moving average of $54.37 and a 200 day moving average of $51.93.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Voisard Asset Management Group Inc. bought a new position in Sun Life Financial during the fourth quarter valued at $26,000. GAMMA Investing LLC lifted its holdings in shares of Sun Life Financial by 6,244.4% in the 2nd quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 562 shares during the last quarter. Ridgewood Investments LLC purchased a new position in Sun Life Financial in the second quarter worth about $39,000. Clean Yield Group purchased a new position in Sun Life Financial in the third quarter worth about $39,000. Finally, Fairfield Financial Advisors LTD bought a new stake in Sun Life Financial during the second quarter worth approximately $43,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th were issued a dividend of $0.587 per share. The ex-dividend date was Wednesday, August 28th. This represents a $2.35 annualized dividend and a dividend yield of 4.10%. Sun Life Financial’s dividend payout ratio (DPR) is 60.57%.

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.