Q3 2024 EPS Estimates for Sun Life Financial Inc. Boosted by Analyst (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) – Desjardins upped their Q3 2024 earnings estimates for shares of Sun Life Financial in a research note issued on Wednesday, October 9th. Desjardins analyst D. Young now anticipates that the financial services provider will earn $1.27 per share for the quarter, up from their prior forecast 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 posted its earnings results on Monday, August 12th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The firm had revenue of $6.52 billion during the quarter, compared to the consensus estimate of $6.72 billion. Sun Life Financial had a net margin of 8.60% and a return on equity of 17.47%.

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

Sun Life Financial Stock Up 0.2 %

Shares of NYSE:SLF opened at $57.24 on Friday. Sun Life Financial has a 52-week low of $44.57 and a 52-week high of $58.51. The company has a 50 day moving average of $54.19 and a two-hundred day moving average of $51.90. The company has a market capitalization of $33.04 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.47 and a beta of 1.00.

Hedge Funds Weigh In On Sun Life Financial

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Sun Life Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 23,241,910 shares of the financial services provider’s stock worth $1,268,543,000 after purchasing an additional 359,028 shares during the last quarter. TD Asset Management Inc increased its position in Sun Life Financial by 2.8% in the first quarter. TD Asset Management Inc now owns 16,107,748 shares of the financial services provider’s stock worth $879,751,000 after buying an additional 442,197 shares during the period. Mackenzie Financial Corp increased its position in Sun Life Financial by 2.9% in 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 during the period. 1832 Asset Management L.P. increased its position in Sun Life Financial by 5.1% in the second quarter. 1832 Asset Management L.P. now owns 10,216,206 shares of the financial services provider’s stock worth $500,492,000 after buying an additional 499,009 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Sun Life Financial by 13.9% in the second quarter. The Manufacturers Life Insurance Company now owns 8,601,980 shares of the financial services provider’s stock worth $421,167,000 after buying an additional 1,049,244 shares during the period. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Cuts Dividend

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