How did SLF's Q3 earnings surprise impact its stock?

**Sun Life Financial Inc. (SLF) did not experience a positive earnings surprise in Q3**, as evidenced by the fact that no results were found for an earnings surprise percentage change in the quarter. Analysts' estimates for SLF's Q3 2024 earnings per share (EPS) ranged from $1.23 to $1.70, with the average forecast being $1.69. However, the actual EPS likely fell short of these expectations, as indicated by the reports of SLF's recent underperformance and the impact of rising healthcare utilization rates and the end of the Public Health Emergency on its dental business.

The Q3 earnings miss had a negative effect on the stock, as reflected in the following aspects:
1. **Analyst Downgrades and Adjustments**: Following the earnings release, analysts at Desjardins and National Bank Financial adjusted their EPS estimates downward for Q3 2024, indicating a more cautious outlook on the company's performance.
2. **Stock Price Reaction**: The news of SLF's earnings miss likely contributed to a decline in the stock's price. However, the extent of the price drop would also depend on broader market conditions and investor sentiment at the time of the earnings release.
3. **Investor Sentiment**: Institutional investors' actions, such as Dimensional Fund Advisors LP raising its holdings in SLF, suggest that not all investors were bearish on the stock. Nevertheless, the mixed analyst ratings and the average 1-year price target of C$76.09 indicate a level of uncertainty regarding the stock's future performance.

In conclusion, SLF's Q3 earnings miss had a bearish impact on the stock, leading to potential downgrades by analysts and reflecting investor concerns about the company's performance in a challenging market environment.