Scotiabank Cuts Sun Life Financial (TSE:SLF) Price Target to C$83.00

Sun Life Financial (TSE:SLF) (NYSE:SLF) had its target price lowered by Scotiabank from C$88.00 to C$83.00 in a research note published on Monday,BayStreet.CA reports. The brokerage currently has a sector perform rating on the financial services provider’s stock.

A number of other research analysts have also issued reports on the stock. CIBC reduced their target price on shares of Sun Life Financial from C$94.00 to C$89.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. TD Securities upped their target price on shares of Sun Life Financial from C$83.00 to C$86.00 and gave the company a “hold” rating in a report on Friday, May 9th. National Bankshares lowered shares of Sun Life Financial from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from C$93.00 to C$87.00 in a report on Friday, August 8th. Barclays lowered shares of Sun Life Financial from a “hold” rating to a “strong sell” rating in a report on Monday, July 7th. Finally, Jefferies Financial Group reduced their target price on shares of Sun Life Financial from C$96.00 to C$90.00 in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Sun Life Financial currently has a consensus rating of “Hold” and an average target price of C$86.67.

Sun Life Financial Price Performance

Shares of TSE SLF opened at C$79.79 on Monday. The stock has a market cap of C$45.58 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.33 and a beta of 0.94. Sun Life Financial has a 52 week low of C$69.40 and a 52 week high of C$91.11. The company’s 50-day moving average price is C$86.07 and its 200 day moving average price is C$83.45. The company has a current ratio of 92.19, a quick ratio of 84,866.00 and a debt-to-equity ratio of 26.00.

Sun Life Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Wednesday, August 27th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Wednesday, August 27th. Sun Life Financial’s dividend payout ratio is presently 48.87%.

Insider Activity at Sun Life Financial

In related news, Senior Officer Jacques Jr. Goulet sold 44,199 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of C$88.17, for a total transaction of C$3,897,025.83. Also, Senior Officer Stephen Peacher sold 80,048 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of C$87.70, for a total transaction of C$7,020,209.60. In the last 90 days, insiders have sold 161,909 shares of company stock valued at $14,216,427. Insiders own 0.03% of the company’s stock.

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.