Sun Life Financial (SLF), one of the world’s largest life insurance companies, is donating C$825,000 to the Foundation for Black Communities. These funds, which will be spread over three years, will go to Black-led non-profit and charitable organizations that work with Black communities across Canada. Many of these organizations have difficulty obtaining funding because they are not registered charities.
The Foundation for Black Communities is the first philanthropic foundation in Canada run by Blacks and serving Black people. Its goal is to ensure that every Black person in Canada can prosper and define their own future.
Sun Life President Jacques Goulet said, “Our communities thrive when they are equitable. We know that Black communities are seeing greater impacts as a result of the pandemic while also being historically underserved. This donation will enable Black-led community organizations to access the resources they need to create change. This is one way Sun Life is building diverse and equitable communities.”
Sun Life’s donation is intended to support mental health programs to help young people develop their coping skills and resilience, as well as physical activity programs to encourage young people to lead healthy and active lives. Among the aspects that will be covered is the prevention of diabetes. In underrepresented communities, the risks of diabetes and mental health problems are higher. (See Sun Life Financial stock chart on TipRanks)
Two months ago, BMO Capital analyst Tom Mackinnon kept a Buy rating on Sun Life and set a price target of $75.00 (C$92.30). This implies 45.6% upside potential.
Mackinnon said during an earnings call, “With respect to Asia, if I look at the impact of new business, it was modestly negative, but if I look at it compared to the fourth quarter, it’s a big improvement despite the fact that sales in the first quarter of this year are actually lower than they were in the fourth quarter.”
The rest of the Street is bullish on SLF with a Strong Buy consensus rating based on 6 Buys and 2 Holds. The average Sun Life price target of C$74.79 implies 18% upside potential to current levels.
TipRanks’ Smart Score
SLF scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock’s returns are likely to beat the overall market.
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