Sun Life Financial (NYSE:SLF) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Sun Life Financial (NYSE:SLF) (TSE:SLF) posted its quarterly earnings data on Wednesday. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06, Zacks reports. Sun Life Financial had a net margin of 7.53% and a return on equity of 16.93%.

Sun Life Financial Price Performance

Sun Life Financial stock traded down $0.57 during mid-day trading on Wednesday, reaching $64.93. The company had a trading volume of 470,483 shares, compared to its average volume of 497,951. The stock’s 50-day simple moving average is $62.25 and its 200-day simple moving average is $60.57. Sun Life Financial has a 1 year low of $52.44 and a 1 year high of $66.81. The company has a market capitalization of $35.96 billion, a P/E ratio of 17.27 and a beta of 0.88.

Hedge Funds Weigh In On Sun Life Financial

Hedge funds have recently bought and sold shares of the company. Scotia Capital Inc. boosted its position in Sun Life Financial by 6.3% during the third quarter. Scotia Capital Inc. now owns 3,303,733 shares of the financial services provider’s stock worth $197,709,000 after purchasing an additional 196,675 shares in the last quarter. Orion Porfolio Solutions LLC increased its position in shares of Sun Life Financial by 1,685.8% in the second quarter. Orion Porfolio Solutions LLC now owns 205,046 shares of the financial services provider’s stock valued at $13,625,000 after buying an additional 193,564 shares in the last quarter. Invesco Ltd. raised its stake in shares of Sun Life Financial by 9.2% during the 3rd quarter. Invesco Ltd. now owns 1,358,131 shares of the financial services provider’s stock worth $81,529,000 after buying an additional 114,697 shares during the last quarter. Lighthouse Investment Partners LLC boosted its position in shares of Sun Life Financial by 323.3% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 113,621 shares of the financial services provider’s stock worth $7,556,000 after buying an additional 86,779 shares in the last quarter. Finally, Amundi grew its stake in Sun Life Financial by 3.5% in the 3rd quarter. Amundi now owns 1,659,650 shares of the financial services provider’s stock valued at $101,454,000 after acquiring an additional 55,672 shares during the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLF has been the subject of several recent analyst reports. Barclays restated an “underweight” rating on shares of Sun Life Financial in a research note on Thursday, January 8th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a report on Thursday, January 8th. UBS Group began coverage on Sun Life Financial in a report on Thursday, October 16th. They issued a “neutral” rating on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Sun Life Financial in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $84.00 price target on shares of Sun Life Financial in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $86.50.

About Sun Life Financial

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.