Korea Investment CORP Acquires 76,508 Shares of Sun Life Financial Inc. (SLF)

Korea Investment CORP raised its holdings in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 50.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 226,913 shares of the financial services provider’s stock after buying an additional 76,508 shares during the period. Korea Investment CORP’s holdings in Sun Life Financial were worth $9,016,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. TD Asset Management Inc. lifted its position in shares of Sun Life Financial by 1.7% during the second quarter. TD Asset Management Inc. now owns 20,568,078 shares of the financial services provider’s stock valued at $734,224,000 after purchasing an additional 351,938 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Sun Life Financial by 4.6% during the second quarter. Vanguard Group Inc. now owns 13,668,290 shares of the financial services provider’s stock valued at $488,642,000 after purchasing an additional 595,894 shares in the last quarter. Beutel Goodman & Co Ltd. lifted its position in shares of Sun Life Financial by 50.7% during the second quarter. Beutel Goodman & Co Ltd. now owns 9,170,839 shares of the financial services provider’s stock valued at $327,474,000 after purchasing an additional 3,083,485 shares in the last quarter. Letko Brosseau & Associates Inc. lifted its position in shares of Sun Life Financial by 0.3% during the second quarter. Letko Brosseau & Associates Inc. now owns 7,921,162 shares of the financial services provider’s stock valued at $282,764,000 after purchasing an additional 23,720 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Sun Life Financial by 4.8% during the second quarter. Legal & General Group Plc now owns 2,780,270 shares of the financial services provider’s stock valued at $95,095,000 after purchasing an additional 128,117 shares in the last quarter. 41.17% of the stock is currently owned by hedge funds and other institutional investors.

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, topping the Thomson Reuters’ consensus estimate 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 firm’s quarterly revenue was down 14.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS.

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

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A number of research firms recently weighed in on SLF. Morgan Stanley raised 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 report on Thursday, October 5th. Zacks Investment Research lowered shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. 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 lifted their price objective 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 investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Sun Life Financial has a consensus rating of “Hold” and an average price target of $50.00.

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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