Lorne Steinberg Wealth Management Inc. Has $7.95 Million Position in Sun Life Financial Inc. $SLF

Lorne Steinberg Wealth Management Inc. lifted its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 7.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 127,168 shares of the financial services provider’s stock after buying an additional 9,342 shares during the quarter. Sun Life Financial comprises about 1.8% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 26th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Sun Life Financial were worth $7,949,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in Sun Life Financial by 184.1% during the third quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 381 shares during the last quarter. Westside Investment Management Inc. grew its position in shares of Sun Life Financial by 38.6% in the third quarter. Westside Investment Management Inc. now owns 801 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 223 shares during the last quarter. LOM Asset Management Ltd acquired a new position in shares of Sun Life Financial in the fourth quarter valued at approximately $53,000. Grey Fox Wealth Advisors LLC acquired a new stake in Sun Life Financial during the 3rd quarter worth approximately $62,000. Finally, Triumph Capital Management bought a new stake in Sun Life Financial in the 3rd quarter valued at $64,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Price Performance

Shares of NYSE:SLF opened at $70.28 on Friday. Sun Life Financial Inc. has a 1 year low of $56.08 and a 1 year high of $70.50. The stock has a market capitalization of $38.94 billion, a price-to-earnings ratio of 15.97 and a beta of 0.87. The company’s 50 day simple moving average is $64.87 and its 200 day simple moving average is $62.49.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, February 11th. The financial services provider reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.06. Sun Life Financial had a return on equity of 17.76% and a net margin of 8.48%.The firm had revenue of $973.53 million during the quarter, compared to analysts’ expectations of $973.53 million. During the same period in the prior year, the company earned $1.68 earnings per share. As a group, analysts anticipate that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Wednesday, February 25th were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Wednesday, February 25th. Sun Life Financial’s dividend payout ratio is currently 61.36%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SLF. Royal Bank Of Canada reissued a “sector perform” rating on shares of Sun Life Financial in a report on Friday, February 13th. Barclays reaffirmed an “underweight” rating on shares of Sun Life Financial in a research report on Thursday, January 8th. TD Securities reiterated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, February 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Sun Life Financial in a research report on Wednesday, January 21st. Finally, Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Sun Life Financial in a research report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $86.50.

Sun Life Financial Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.