Man Group plc Makes New $6.96 Million Investment in Sun Life Financial Inc. $SLF

Man Group plc purchased a new position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 88,782 shares of the financial services provider’s stock, valued at approximately $6,964,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new stake in shares of Sun Life Financial during the 2nd quarter valued at about $544,052,000. Norges Bank acquired a new stake in Sun Life Financial in the fourth quarter valued at approximately $398,037,000. Geode Capital Management LLC increased its position in shares of Sun Life Financial by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 5,529,609 shares of the financial services provider’s stock valued at $353,181,000 after buying an additional 347,041 shares in the last quarter. Morgan Stanley increased its position in shares of Sun Life Financial by 86.6% in the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock valued at $246,645,000 after buying an additional 1,834,772 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Sun Life Financial by 1.0% during the 4th quarter. Legal & General Group Plc now owns 3,896,312 shares of the financial services provider’s stock worth $243,542,000 after buying an additional 36,698 shares during the period. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Price Performance

Shares of SLF stock opened at $78.82 on Friday. Sun Life Financial Inc. has a 1-year low of $57.22 and a 1-year high of $84.38. The firm has a market cap of $43.93 billion, a PE ratio of 18.42 and a beta of 0.88. The company has a 50-day moving average of $80.32 and a two-hundred day moving average of $72.68.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.39 by $0.07. The business had revenue of $10.10 billion during the quarter, compared to analyst estimates of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. Sell-side analysts anticipate that Sun Life Financial Inc. will post 5.72 EPS for the current fiscal year.

Sun Life Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Wednesday, August 26th. Sun Life Financial’s payout ratio is 64.02%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SLF. Weiss Ratings upgraded shares of Sun Life Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, August 11th. Royal Bank Of Canada upped their price target on shares of Sun Life Financial from $98.00 to $119.00 and gave the stock a “sector perform” rating in a research report on Monday, August 10th. TD Cowen reaffirmed a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a report on Friday, August 7th. Finally, Argus set a $81.00 target price on Sun Life Financial in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.33.

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.