Sun Life Financial (NYSE:SLF) Rating Lowered to “Sell” at Wall Street Zen

Sun Life Financial (NYSE:SLF) (TSE:SLF) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other brokerages have also weighed in on SLF. Barclays restated an “underweight” rating on shares of Sun Life Financial in a report on Tuesday, July 7th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Sun Life Financial in a report on Monday, July 6th. TD Cowen restated a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Sun Life Financial in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Sun Life Financial has an average rating of “Moderate Buy” and an average price target of $84.67.

Sun Life Financial Price Performance

Sun Life Financial stock opened at $81.82 on Friday. The firm has a 50 day simple moving average of $75.86 and a 200-day simple moving average of $68.95. The stock has a market capitalization of $45.60 billion, a PE ratio of 21.09 and a beta of 0.88. Sun Life Financial has a 12-month low of $56.22 and a 12-month high of $82.25.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, topping the consensus estimate of $1.35 by $0.03. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $925.99 million. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.During the same quarter in the previous year, the company earned $1.82 earnings per share. On average, analysts forecast that Sun Life Financial will post 5.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sun Life Financial

Several hedge funds have recently modified their holdings of SLF. Cassaday & Co Wealth Management LLC purchased a new position in Sun Life Financial in the 1st quarter worth about $25,000. Cornerstone Planning Group LLC boosted its holdings in shares of Sun Life Financial by 68.4% in the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after buying an additional 167 shares during the period. Brown Brothers Harriman & Co. acquired a new position in shares of Sun Life Financial in the fourth quarter worth about $30,000. Sittner & Nelson LLC purchased a new position in shares of Sun Life Financial in the fourth quarter worth approximately $33,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Sun Life Financial in the first quarter worth approximately $33,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

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.