Rothschild Asset Management Inc. increased its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 7.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 36,886 shares of the financial services provider’s stock after buying an additional 2,598 shares during the period. Rothschild Asset Management Inc.’s holdings in Sun Life Financial were worth $1,710,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of SLF. Beutel Goodman & Co Ltd. bought a new position in shares of Sun Life Financial during the first quarter valued at about $221,905,000. AQR Capital Management LLC boosted its position in shares of Sun Life Financial by 686.8% in the first quarter. AQR Capital Management LLC now owns 1,429,171 shares of the financial services provider’s stock valued at $52,038,000 after buying an additional 1,247,534 shares during the period. Greystone Managed Investments Inc. boosted its position in shares of Sun Life Financial by 562.3% in the first quarter. Greystone Managed Investments Inc. now owns 1,440,844 shares of the financial services provider’s stock valued at $52,462,000 after buying an additional 1,223,285 shares during the period. AGF Investments Inc. boosted its position in shares of Sun Life Financial by 835.2% in the first quarter. AGF Investments Inc. now owns 1,163,929 shares of the financial services provider’s stock valued at $42,452,000 after buying an additional 1,039,472 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Sun Life Financial by 4.8% in the first quarter. Vanguard Group Inc. now owns 13,072,396 shares of the financial services provider’s stock valued at $477,796,000 after buying an additional 593,878 shares during the period. 42.95% of the stock is owned by institutional investors and hedge funds.
Shares of Sun Life Financial Inc. (SLF) remained flat at $38.48 during trading on Friday. 438,712 shares of the company traded hands. The stock has a 50 day moving average of $37.62 and a 200-day moving average of $36.15. Sun Life Financial Inc. has a 52-week low of $30.38 and a 52-week high of $40.57. The company has a market capitalization of $23.61 billion, a PE ratio of 11.63 and a beta of 0.88.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.09. Sun Life Financial had a return on equity of 13.29% and a net margin of 12.48%. The firm had revenue of $8.12 billion during the quarter, compared to the consensus estimate of $7.36 billion. During the same period in the previous year, the firm posted $0.90 EPS. The company’s quarterly revenue was down 14.8% compared to the same quarter last year. On average, equities analysts anticipate that Sun Life Financial Inc. will post $3.22 EPS for the current fiscal year.
Sun Life Financial declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 9th that authorizes the company to buyback 11,500,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Wednesday, August 30th will be given a dividend of $0.3439 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.32. This represents a $1.38 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, August 28th. Sun Life Financial’s payout ratio is currently 40.06%.
SLF has been the subject of several analyst reports. Zacks Investment Research raised Sun Life Financial from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Tuesday, April 25th. Royal Bank Of Canada raised Sun Life Financial from a “sector perform” rating to an “outperform” rating and set a $51.00 price target for the company in a report on Wednesday, June 7th. Credit Suisse Group cut Sun Life Financial from an “outperform” rating to a “neutral” rating in a report on Wednesday, May 10th. ValuEngine raised Sun Life Financial from a “hold” rating to a “buy” rating in a report on Wednesday, June 28th. Finally, BidaskClub raised Sun Life Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Eight research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.80.
About Sun Life Financial
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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