Pictet Asset Management Holding SA grew its stake in shares of Sun Life Financial Inc. (NYSE:SLF – Free Report) (TSE:SLF) by 27.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 420,144 shares of the financial services provider’s stock after acquiring an additional 90,870 shares during the period. Pictet Asset Management Holding SA owned about 0.08% of Sun Life Financial worth $26,234,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Summerhill Capital Management lnc. purchased a new position in Sun Life Financial in the first quarter valued at approximately $380,000. Venturi Wealth Management LLC purchased a new stake in Sun Life Financial in the first quarter worth $340,000. Aaron Wealth Advisors LLC bought a new stake in shares of Sun Life Financial in the first quarter valued at $258,000. Cardinal Point Capital Management ULC raised its stake in shares of Sun Life Financial by 1.5% in the first quarter. Cardinal Point Capital Management ULC now owns 33,731 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 490 shares during the period. Finally, Ritholtz Wealth Management lifted its position in shares of Sun Life Financial by 102.0% during the 1st quarter. Ritholtz Wealth Management now owns 9,664 shares of the financial services provider’s stock valued at $605,000 after buying an additional 4,880 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company’s stock.
Sun Life Financial Trading Up 0.6%
Shares of NYSE SLF opened at $78.89 on Thursday. The business has a 50-day moving average of $73.72 and a 200-day moving average of $67.41. The firm has a market capitalization of $43.73 billion, a price-to-earnings ratio of 20.33 and a beta of 0.88. Sun Life Financial Inc. has a 12 month low of $56.22 and a 12 month high of $79.23.
Sun Life Financial Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were issued a dividend of $0.96 per share. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Wednesday, May 27th. Sun Life Financial’s dividend payout ratio is currently 72.94%.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on SLF. TD Securities reissued a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. TD Cowen reaffirmed a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. Argus set a $81.00 target price on shares of Sun Life Financial in a research note on Wednesday, June 10th. Finally, Wall Street Zen downgraded shares of Sun Life Financial from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Sun Life Financial currently has a consensus rating of “Moderate Buy” and an average target price of $84.67.
Get Our Latest Research Report on SLF
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.
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