FY2024 EPS Forecast for Sun Life Financial Lifted by Analyst

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) – Investment analysts at Desjardins upped their FY2024 EPS estimates for Sun Life Financial in a research note issued to investors on Tuesday, November 5th. Desjardins analyst D. Young now expects that the financial services provider will post earnings per share of $6.75 for the year, up from their previous estimate of $6.68. The consensus estimate for Sun Life Financial’s current full-year earnings is $6.92 per share. Desjardins also issued estimates for Sun Life Financial’s Q4 2024 earnings at $1.78 EPS.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last announced its quarterly earnings results on Monday, August 12th. The financial services provider reported C$1.71 EPS for the quarter, beating the consensus estimate of C$1.58 by C$0.13. The company had revenue of C$8.92 billion for the quarter, compared to analyst estimates of C$9.18 billion. Sun Life Financial had a net margin of 9.90% and a return on equity of 13.65%.

Several other research analysts also recently issued reports on the stock. Scotiabank raised their price objective on shares of Sun Life Financial from C$73.00 to C$85.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Barclays upped their price target on shares of Sun Life Financial from C$76.00 to C$79.00 in a research note on Tuesday. Jefferies Financial Group raised their price objective on shares of Sun Life Financial from C$81.00 to C$89.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Cormark upped their target price on shares of Sun Life Financial from C$82.00 to C$85.00 in a research report on Tuesday. Finally, National Bankshares lifted their price target on shares of Sun Life Financial from C$72.00 to C$73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sun Life Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of C$81.36.

Sun Life Financial Stock Performance

Shares of SLF stock opened at C$82.63 on Thursday. Sun Life Financial has a 1 year low of C$64.38 and a 1 year high of C$82.86. The company has a debt-to-equity ratio of 53.77, a quick ratio of 84,866.00 and a current ratio of 65.29. The firm has a market cap of C$47.64 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.33 and a beta of 0.94. The stock’s 50-day moving average is C$77.10 and its two-hundred day moving average is C$71.66.

Insiders Place Their Bets

In related news, Director Stephanie Coyles bought 500 shares of the stock in a transaction dated Thursday, August 15th. The stock was bought at an average cost of C$70.00 per share, with a total value of C$35,000.00. Following the completion of the acquisition, the director now owns 500 shares of the company’s stock, valued at C$35,000. In other news, Director Stephanie Coyles acquired 500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of C$70.00 per share, with a total value of C$35,000.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at approximately C$35,000. Also, Senior Officer Linda Dougherty sold 2,000 shares of Sun Life Financial stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of C$75.30, for a total value of C$150,590.00. 0.03% of the stock is currently owned by corporate insiders.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, November 27th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Wednesday, November 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.81. Sun Life Financial’s dividend payout ratio is currently 61.36%.

Sun Life Financial Company Profile

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.