Sun Life Financial (NYSE:SLF) Coverage Initiated at Barclays

Barclays began coverage on shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) in a research report report published on Thursday, Marketbeat reports. The brokerage issued an equal weight rating on the financial services provider’s stock.

Separately, Argus raised Sun Life Financial to a strong-buy rating in a research note on Monday, June 3rd.

Sun Life Financial Stock Performance

Sun Life Financial stock opened at $54.62 on Thursday. Sun Life Financial has a one year low of $44.57 and a one year high of $55.65. The business has a fifty day moving average of $50.85 and a two-hundred day moving average of $51.49. The company has a market cap of $31.67 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.42 and a beta of 1.00.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Monday, August 12th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.07. The business had revenue of $6.52 billion during the quarter, compared to the consensus estimate of $6.72 billion. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. Sell-side analysts predict that Sun Life Financial will post 4.86 EPS for the current year.

Sun Life Financial Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be paid a dividend of $0.587 per share. This represents a $2.35 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Wednesday, August 28th. Sun Life Financial’s dividend payout ratio (DPR) is presently 59.85%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SLF. International Assets Investment Management LLC acquired a new position in Sun Life Financial in the 4th quarter valued at about $2,138,000. Truist Financial Corp raised its stake in Sun Life Financial by 13.0% in the 4th quarter. Truist Financial Corp now owns 6,916 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 795 shares during the last quarter. Natixis Advisors L.P. raised its stake in Sun Life Financial by 8.3% in the 4th quarter. Natixis Advisors L.P. now owns 33,997 shares of the financial services provider’s stock valued at $1,763,000 after purchasing an additional 2,593 shares during the last quarter. Versor Investments LP acquired a new position in Sun Life Financial in the 4th quarter valued at about $436,000. Finally, Northwest Financial Advisors acquired a new position in Sun Life Financial in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

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.