What is Cormark’s Forecast for TSE:SLF FY2024 Earnings?

Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) – Stock analysts at Cormark boosted their FY2024 earnings per share (EPS) estimates for shares of Sun Life Financial in a note issued to investors on Tuesday, February 4th. Cormark analyst L. Persaud now forecasts that the financial services provider will earn $6.78 per share for the year, up from their previous forecast of $6.76. The consensus estimate for Sun Life Financial’s current full-year earnings is $6.92 per share. Cormark also issued estimates for Sun Life Financial’s FY2025 earnings at $7.57 EPS and FY2026 earnings at $8.21 EPS.

Sun Life Financial (TSE:SLF) (NYSE:SLF) last announced its quarterly earnings results on Monday, November 4th. The financial services provider reported C$1.76 EPS for the quarter, beating the consensus estimate of C$1.71 by C$0.05. Sun Life Financial had a return on equity of 13.65% and a net margin of 9.90%. During the same period last year, the firm posted $1.59 EPS.

Several other equities research analysts also recently issued reports on the company. Barclays boosted their price objective on Sun Life Financial from C$82.00 to C$87.00 in a report on Monday, January 6th. National Bankshares upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from C$82.00 to C$95.00 in a report on Wednesday, January 15th. TD Securities boosted their price objective on Sun Life Financial from C$81.00 to C$87.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Jefferies Financial Group boosted their price objective on Sun Life Financial from C$90.00 to C$94.00 in a report on Thursday, November 14th. Finally, Scotiabank boosted their price objective on Sun Life Financial from C$85.00 to C$96.00 in a report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$86.73.

Sun Life Financial Stock Performance

Shares of Sun Life Financial stock opened at C$82.70 on Wednesday. Sun Life Financial has a 52 week low of C$64.38 and a 52 week high of C$88.54. The business’s fifty day simple moving average is C$85.08 and its 200-day simple moving average is C$78.78. The firm has a market cap of C$47.68 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.33 and a beta of 0.94. The company has a quick ratio of 84,866.00, a current ratio of 65.29 and a debt-to-equity ratio of 53.77.

Insider Activity

In related news, Director Kevin Strain sold 85,943 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of C$84.71, for a total value of C$7,280,231.53. Also, Senior Officer Linda Dougherty bought 5,800 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average cost of C$84.83 per share, with a total value of C$492,014.00. Company insiders own 0.03% of the company’s stock.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, November 27th were issued a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.06%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.81. Sun Life Financial’s dividend payout ratio is presently 61.36%.

Sun Life Financial Company Profile

Sun Life Financial is one of Canada’s Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm.