Scotia Capital Inc. Has $59.93 Million Stake in Sun Life Financial Inc. (SLF)

Scotia Capital Inc. grew its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,677,941 shares of the financial services provider’s stock after buying an additional 54,456 shares during the period. Sun Life Financial accounts for approximately 1.0% of Scotia Capital Inc.’s investment portfolio, making the stock its 23rd largest position. Scotia Capital Inc. owned 0.27% of Sun Life Financial worth $59,926,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SLF. Beutel Goodman & Co Ltd. grew its stake in shares of Sun Life Financial by 50.7% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 9,170,839 shares of the financial services provider’s stock valued at $327,474,000 after buying an additional 3,083,485 shares during the period. Citadel Advisors LLC grew its stake in shares of Sun Life Financial by 309.0% in the 2nd quarter. Citadel Advisors LLC now owns 1,862,148 shares of the financial services provider’s stock valued at $66,576,000 after buying an additional 1,406,898 shares during the period. AQR Capital Management LLC grew its stake in shares of Sun Life Financial by 686.8% in the 1st 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. Canada Pension Plan Investment Board grew its stake in shares of Sun Life Financial by 1,847.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 888,194 shares of the financial services provider’s stock valued at $31,706,000 after buying an additional 842,594 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of Sun Life Financial by 1,345.0% in the 2nd quarter. Schroder Investment Management Group now owns 659,300 shares of the financial services provider’s stock valued at $30,401,000 after buying an additional 613,674 shares during the period. 40.90% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently weighed in on the stock. BidaskClub raised shares of Sun Life Financial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 19th. Zacks Investment Research cut shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Morgan Stanley increased their price target on shares of Sun Life Financial from $52.00 to $53.00 and gave the company an “equal weight” rating in a research note on Thursday, October 5th. ValuEngine raised shares of Sun Life Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Finally, TD Securities increased their price target 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. Ten research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $49.00.

Sun Life Financial Inc. (NYSE SLF) traded up 1.26% during trading on Tuesday, hitting $40.34. 156,508 shares of the company were exchanged. The company has a 50-day moving average of $38.93 and a 200-day moving average of $36.48. The company has a market capitalization of $24.76 billion, a price-to-earnings ratio of 11.67 and a beta of 0.88. Sun Life Financial Inc. has a 12 month low of $32.03 and a 12 month high of $40.57.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.29%. 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 earned $0.90 earnings per share. Sun Life Financial’s revenue was down 14.8% compared to the same quarter last year. Analysts forecast that Sun Life Financial Inc. will post $3.25 EPS for the current year.

Sun Life Financial announced that its board has initiated a share repurchase plan on Wednesday, August 9th that authorizes the company to repurchase 11,500,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Wednesday, August 30th were issued a $0.3439 dividend. This represents a $1.38 dividend on an annualized basis and a yield of 3.45%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.32. The ex-dividend date was Monday, August 28th. Sun Life Financial’s payout ratio is presently 43.85%.

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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.

Institutional Ownership by Quarter for Sun Life Financial (NYSE:SLF)

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