Pictet Asset Management Ltd. Has $18.36 Million Holdings in Sun Life Financial Inc (NYSE:SLF)

Pictet Asset Management Ltd. cut its stake in Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) by 9.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 442,459 shares of the financial services provider’s stock after selling 46,402 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Sun Life Financial were worth $18,362,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Glen Harbor Capital Management LLC raised its holdings in shares of Sun Life Financial by 11.5% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 4,336 shares of the financial services provider’s stock worth $172,000 after buying an additional 448 shares in the last quarter. Tyers Asset Management LLC raised its holdings in shares of Sun Life Financial by 11.5% in the 2nd quarter. Tyers Asset Management LLC now owns 5,962 shares of the financial services provider’s stock worth $237,000 after buying an additional 616 shares in the last quarter. Flinton Capital Management LLC raised its holdings in shares of Sun Life Financial by 11.5% in the 2nd quarter. Flinton Capital Management LLC now owns 7,588 shares of the financial services provider’s stock worth $302,000 after buying an additional 784 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Sun Life Financial by 0.9% in the 2nd quarter. Northern Trust Corp now owns 579,491 shares of the financial services provider’s stock worth $23,968,000 after buying an additional 5,074 shares in the last quarter. Finally, Neuburgh Advisers LLC increased its holdings in Sun Life Financial by 11.5% during the 2nd quarter. Neuburgh Advisers LLC now owns 9,214 shares of the financial services provider’s stock valued at $367,000 after purchasing an additional 952 shares in the last quarter. 44.92% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised Sun Life Financial from a “sell” rating to a “hold” rating and set a $45.00 price target for the company in a report on Thursday, July 4th. Barclays reaffirmed a “hold” rating on shares of Sun Life Financial in a report on Monday, August 26th. ValuEngine cut Sun Life Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Argus raised their price target on Sun Life Financial from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 1st. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Sun Life Financial in a report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $51.50.

SLF stock traded up $0.21 during midday trading on Friday, reaching $44.03. 9,679 shares of the company’s stock traded hands, compared to its average volume of 508,535. The company has a 50-day simple moving average of $40.70 and a two-hundred day simple moving average of $40.14. Sun Life Financial Inc has a 1-year low of $31.49 and a 1-year high of $44.02. The company has a market cap of $26.09 billion, a price-to-earnings ratio of 11.75 and a beta of 0.90.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $1.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.30. The firm had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Sun Life Financial had a return on equity of 13.37% and a net margin of 6.83%. During the same period last year, the firm posted $1.20 EPS. On average, sell-side analysts anticipate that Sun Life Financial Inc will post 3.81 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Wednesday, August 28th will be paid a $0.401 dividend. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Tuesday, August 27th. Sun Life Financial’s dividend payout ratio (DPR) is 42.40%.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.

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

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