SLF FY2024 EPS Estimate Reduced by National Bank Financial

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Equities researchers at National Bank Financial dropped their FY2024 EPS estimates for shares of Sun Life Financial in a research note issued on Tuesday, January 14th. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will post earnings per share of $4.67 for the year, down from their prior estimate of $4.86. National Bank Financial has a “Outperform” rating on the stock. The consensus estimate for Sun Life Financial’s current full-year earnings is $4.85 per share. National Bank Financial also issued estimates for Sun Life Financial’s Q4 2024 earnings at $1.26 EPS and FY2025 earnings at $5.23 EPS.

Separately, StockNews.com downgraded Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Sun Life Financial Price Performance

SLF stock opened at $58.99 on Friday. The company has a 50-day moving average of $59.97 and a two-hundred day moving average of $55.87. The stock has a market capitalization of $33.94 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. Sun Life Financial has a 52-week low of $46.41 and a 52-week high of $62.85.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th were issued a $0.621 dividend. The ex-dividend date was Wednesday, November 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. This represents a $2.48 dividend on an annualized basis and a yield of 4.21%. Sun Life Financial’s dividend payout ratio is 57.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its position in Sun Life Financial by 2.9% during the second quarter. Mackenzie Financial Corp now owns 14,703,533 shares of the financial services provider’s stock worth $721,042,000 after buying an additional 407,913 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Sun Life Financial by 5.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 10,216,206 shares of the financial services provider’s stock worth $500,492,000 after purchasing an additional 499,009 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Sun Life Financial by 7.6% during the third quarter. The Manufacturers Life Insurance Company now owns 9,256,384 shares of the financial services provider’s stock valued at $537,288,000 after purchasing an additional 654,404 shares during the period. Toronto Dominion Bank raised its stake in shares of Sun Life Financial by 5.0% in the second quarter. Toronto Dominion Bank now owns 6,975,205 shares of the financial services provider’s stock valued at $341,715,000 after purchasing an additional 332,641 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Sun Life Financial by 1.3% in the third quarter. CIBC Asset Management Inc now owns 6,488,668 shares of the financial services provider’s stock valued at $377,311,000 after purchasing an additional 81,261 shares in the last quarter. Institutional investors own 52.26% of the company’s stock.

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.