Cribstone Capital Management LLC Reduces Stake in Sun Life Financial Inc. (SLF)

Cribstone Capital Management LLC cut its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 42.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,593 shares of the financial services provider’s stock after selling 1,878 shares during the quarter. Cribstone Capital Management LLC’s holdings in Sun Life Financial were worth $103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of SLF. Stifel Financial Corp increased its stake in shares of Sun Life Financial by 1.8% in the first 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 last quarter. Dimensional Fund Advisors LP increased its position in Sun Life Financial by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,211,562 shares of the financial services provider’s stock worth $44,283,000 after buying an additional 125,428 shares during the last quarter. Renaissance Technologies LLC increased its position in Sun Life Financial by 148.8% during the first quarter. Renaissance Technologies LLC now owns 462,100 shares of the financial services provider’s stock worth $16,889,000 after buying an additional 276,400 shares during the last quarter. KCG Holdings Inc. increased its position in Sun Life Financial by 102.0% during the first quarter. KCG Holdings Inc. now owns 14,366 shares of the financial services provider’s stock worth $524,000 after buying an additional 7,254 shares during the last quarter. Finally, Gotham Asset Management LLC acquired a new position in Sun Life Financial during the first quarter worth $297,000. 41.17% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $7.36 billion. During the same period in the previous year, the firm posted $0.90 EPS. The company’s revenue for the quarter was down 14.8% on a year-over-year basis.

Sun Life Financial announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 9th that allows the company to buyback 11,500,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several research firms have commented on SLF. Zacks Investment Research downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Morgan Stanley increased their target price on shares of Sun Life Financial from $52.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 5th. BidaskClub raised shares of Sun Life Financial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 19th. TD Securities increased their target price on shares of Sun Life Financial from $50.00 to $51.00 and gave the stock a “hold” rating in a research report on Thursday, August 10th. Finally, Bank of America Corporation raised shares of Sun Life Financial from an “underperform” rating to a “hold” rating in a research report on Monday, July 10th. Ten equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $50.00.

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

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