Pictet Asset Management Ltd. lessened its stake in shares of Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) by 9.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 442,459 shares of the financial services provider’s stock after selling 46,402 shares during the quarter. Pictet Asset Management Ltd. owned about 0.07% of Sun Life Financial worth $18,362,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Janney Montgomery Scott LLC raised its position in Sun Life Financial by 48.9% during the first quarter. Janney Montgomery Scott LLC now owns 10,970 shares of the financial services provider’s stock valued at $421,000 after buying an additional 3,601 shares during the period. Cornerstone Advisors Inc. raised its position in Sun Life Financial by 40.6% during the first quarter. Cornerstone Advisors Inc. now owns 1,647 shares of the financial services provider’s stock valued at $63,000 after buying an additional 476 shares during the period. Cetera Investment Advisers raised its position in Sun Life Financial by 18.8% during the first quarter. Cetera Investment Advisers now owns 13,175 shares of the financial services provider’s stock valued at $507,000 after buying an additional 2,086 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new position in Sun Life Financial during the first quarter valued at $590,000. Finally, JPMorgan Chase & Co. raised its position in Sun Life Financial by 35.5% during the first quarter. JPMorgan Chase & Co. now owns 1,601,466 shares of the financial services provider’s stock valued at $61,511,000 after buying an additional 419,234 shares during the period. 44.92% of the stock is currently owned by institutional investors and hedge funds.
SLF stock traded up $0.21 during mid-day trading on Friday, hitting $44.03. The stock had a trading volume of 9,679 shares, compared to its average volume of 508,535. Sun Life Financial Inc has a 1-year low of $31.49 and a 1-year high of $44.02. The company has a fifty day moving average of $40.70 and a 200 day moving average of $40.14. The stock has a market capitalization of $26.09 billion, a price-to-earnings ratio of 11.75 and a beta of 0.90.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.401 per share. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Tuesday, August 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.64%. Sun Life Financial’s dividend payout ratio is currently 42.40%.
Several research analysts recently weighed in on SLF shares. ValuEngine lowered Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Evercore ISI reaffirmed an “outperform” rating on shares of Sun Life Financial in a research report on Monday, July 22nd. Argus upped their target price on Sun Life Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Zacks Investment Research raised Sun Life Financial from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research report on Thursday, July 4th. Finally, Barclays reaffirmed a “hold” rating on shares of Sun Life Financial in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $51.50.
About Sun Life Financial
Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.
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