Sei Investments Co. boosted its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 63.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 29,339 shares of the financial services provider’s stock after purchasing an additional 11,364 shares during the period. Sei Investments Co.’s holdings in Sun Life Financial were worth $1,049,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Bronfman E.L. Rothschild L.P. lifted its stake in shares of Sun Life Financial by 0.5% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 3,587 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 17 shares during the period. Rational Advisors LLC lifted its stake in shares of Sun Life Financial by 14.3% in the 1st quarter. Rational Advisors LLC now owns 4,538 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 567 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Sun Life Financial in the 1st quarter worth $194,000. Stifel Financial Corp lifted its stake in shares of Sun Life Financial by 1.8% in the 1st quarter. Stifel Financial Corp now owns 5,811 shares of the financial services provider’s stock worth $209,000 after acquiring an additional 102 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Sun Life Financial by 7.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 6,126 shares of the financial services provider’s stock worth $219,000 after acquiring an additional 450 shares during the period. 40.92% of the stock is currently owned by institutional investors.
Shares of Sun Life Financial Inc. (SLF) traded up 0.76% during midday trading on Friday, hitting $38.60. 317,191 shares of the stock were exchanged. Sun Life Financial Inc. has a one year low of $31.42 and a one year high of $40.57. The stock has a market cap of $23.69 billion, a P/E ratio of 11.50 and a beta of 0.86. The stock’s 50-day moving average price is $38.41 and its 200 day moving average price is $36.14.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $8.12 billion during the quarter, compared to analyst estimates of $7.36 billion. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.29%. The business’s quarterly revenue was down 14.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 earnings per share. On average, analysts anticipate that Sun Life Financial Inc. will post $3.36 earnings per share for the current year.
Sun Life Financial declared that its board has approved a share repurchase program on Wednesday, August 9th that permits the company to repurchase 11,500,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Wednesday, August 30th will be issued a $0.3439 dividend. The ex-dividend date is Monday, August 28th. This represents a $1.38 dividend on an annualized basis and a yield of 3.56%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.32. Sun Life Financial’s dividend payout ratio is currently 43.85%.
Several analysts have recently commented on the stock. BidaskClub upgraded shares of Sun Life Financial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 19th. TD Securities raised their price objective on shares of Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 10th. Bank of America Corporation upgraded shares of Sun Life Financial from an “underperform” rating to a “hold” rating in a research note on Monday, July 10th. Zacks Investment Research upgraded shares of Sun Life Financial from a “sell” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, July 12th. Finally, ValuEngine upgraded shares of Sun Life Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Eight research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $45.80.
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Sun Life Financial Company Profile
Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.
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