Sun Life Financial (NYSE:SLF) Cut to Hold at Cibc Captl Mkts

Cibc Captl Mkts downgraded shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

SLF has been the topic of several other reports. Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a report on Wednesday, October 8th. Argus upgraded Sun Life Financial to a “strong-buy” rating in a report on Thursday, September 4th. Evercore ISI reiterated an “outperform” rating on shares of Sun Life Financial in a report on Thursday, October 9th. UBS Group began coverage on Sun Life Financial in a report on Thursday, October 16th. They set a “neutral” rating on the stock. Finally, Morgan Stanley set a $89.00 price objective on Sun Life Financial in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sun Life Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.50.

Sun Life Financial Stock Performance

Shares of NYSE:SLF opened at $60.81 on Wednesday. The company has a market cap of $33.96 billion, a P/E ratio of 15.05, a PEG ratio of 1.67 and a beta of 0.90. Sun Life Financial has a one year low of $52.44 and a one year high of $66.81. The business’s 50-day simple moving average is $59.97 and its 200 day simple moving average is $61.18.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Thursday, August 7th. The financial services provider reported $1.29 EPS for the quarter, meeting the consensus estimate of $1.29. The business had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $7.34 billion. Sun Life Financial had a return on equity of 17.21% and a net margin of 7.59%.During the same period last year, the business posted $1.11 EPS. Analysts predict that Sun Life Financial will post 5.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Nicola Wealth Management LTD. grew its position in shares of Sun Life Financial by 28.7% in the 3rd quarter. Nicola Wealth Management LTD. now owns 356,800 shares of the financial services provider’s stock worth $21,427,000 after acquiring an additional 79,500 shares in the last quarter. Lorne Steinberg Wealth Management Inc. grew its position in shares of Sun Life Financial by 1.3% in the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 117,826 shares of the financial services provider’s stock worth $7,073,000 after acquiring an additional 1,552 shares in the last quarter. Intact Investment Management Inc. boosted its position in Sun Life Financial by 226.8% during the 3rd quarter. Intact Investment Management Inc. now owns 1,270,947 shares of the financial services provider’s stock valued at $76,327,000 after purchasing an additional 882,070 shares during the period. PFG Investments LLC boosted its position in Sun Life Financial by 8.2% during the 3rd quarter. PFG Investments LLC now owns 6,756 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 511 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Sun Life Financial during the 3rd quarter valued at approximately $277,000. 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.