Letko Brosseau & Associates Inc. decreased its position in Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) by 0.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 8,484,411 shares of the financial services provider’s stock after selling 77,116 shares during the period. Sun Life Financial makes up about 3.5% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 9th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Sun Life Financial were worth $352,102,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Beutel Goodman & Co Ltd. raised its holdings in shares of Sun Life Financial by 10.7% in the 1st quarter. Beutel Goodman & Co Ltd. now owns 14,207,568 shares of the financial services provider’s stock worth $545,823,000 after buying an additional 1,374,903 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Sun Life Financial by 33.6% in the 1st quarter. Toronto Dominion Bank now owns 3,986,188 shares of the financial services provider’s stock worth $153,562,000 after buying an additional 1,002,332 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Sun Life Financial by 17.4% in the 1st quarter. CIBC Asset Management Inc now owns 6,374,052 shares of the financial services provider’s stock worth $244,877,000 after buying an additional 944,977 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Sun Life Financial in the 1st quarter worth approximately $41,901,000. Finally, USS Investment Management Ltd acquired a new position in shares of Sun Life Financial in the 2nd quarter worth approximately $26,960,000. 40.53% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on SLF shares. Barclays cut Sun Life Financial from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 12th. BMO Capital Markets reissued a “buy” rating and issued a $58.00 target price on shares of Sun Life Financial in a report on Friday, April 26th. ValuEngine cut Sun Life Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research raised Sun Life Financial from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a report on Thursday, July 4th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Sun Life Financial in a report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $51.50.
SLF stock traded up $0.41 during midday trading on Thursday, reaching $39.21. 307,143 shares of the company’s stock traded hands, compared to its average volume of 568,421. The business has a 50-day moving average of $41.28. Sun Life Financial Inc has a 1-year low of $31.49 and a 1-year high of $42.59. The stock has a market cap of $23.41 billion, a P/E ratio of 10.46 and a beta of 0.89.
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. Sun Life Financial had a return on equity of 13.37% and a net margin of 6.83%. The firm had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the firm posted $1.20 EPS. As a group, equities research analysts anticipate that Sun Life Financial Inc will post 3.81 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Wednesday, August 28th will be issued a dividend of $0.401 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.09%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Tuesday, August 27th. Sun Life Financial’s dividend payout ratio (DPR) is currently 41.87%.
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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