Creative Planning continued to hold its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 9,924 shares of the financial services provider’s stock at the end of the second quarter. Creative Planning’s holdings in Sun Life Financial were worth $355,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the company. Highstreet Asset Management Inc. boosted its position in Sun Life Financial by 423.8% in the first quarter. Highstreet Asset Management Inc. now owns 208,259 shares of the financial services provider’s stock worth $7,596,000 after buying an additional 168,499 shares during the period. Norges Bank acquired a new stake in shares of Sun Life Financial during the fourth quarter worth about $19,546,000. Vanguard Group Inc. boosted its stake in shares of Sun Life Financial by 4.8% in the first quarter. Vanguard Group Inc. now owns 13,072,396 shares of the financial services provider’s stock worth $477,796,000 after buying an additional 593,878 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Sun Life Financial during the first quarter worth about $2,222,000. Finally, Boston Financial Mangement LLC boosted its stake in shares of Sun Life Financial by 3.2% in the first quarter. Boston Financial Mangement LLC now owns 108,483 shares of the financial services provider’s stock worth $3,965,000 after buying an additional 3,315 shares during the last quarter. Institutional investors and hedge funds own 42.95% of the company’s stock.
Shares of Sun Life Financial Inc. (NYSE:SLF) remained flat at $38.48 during midday trading on Friday. The stock had a trading volume of 438,712 shares. Sun Life Financial Inc. has a 52-week low of $30.38 and a 52-week high of $40.57. The firm’s 50-day moving average is $37.62 and its 200-day moving average is $36.15. The firm has a market cap of $23.61 billion, a PE ratio of 11.63 and a beta of 0.88.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Sun Life Financial had a return on equity of 13.29% and a net margin of 12.48%. The business had revenue of $8.12 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The company’s revenue was down 14.8% on a year-over-year basis. Equities analysts predict that Sun Life Financial Inc. will post $3.22 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Wednesday, August 30th will be issued a $0.3439 dividend. This represents a $1.38 annualized dividend and a yield of 3.57%. The ex-dividend date is Monday, August 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.32. Sun Life Financial’s dividend payout ratio is 40.06%.
Sun Life Financial declared that its board has approved a stock repurchase plan on Wednesday, August 9th that allows the company to repurchase 11,500,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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Several research firms recently weighed in on SLF. TD Securities upped their price objective on Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 10th. Zacks Investment Research raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Thursday, June 1st. National Bank Financial reissued an “outperform overweight” rating on shares of Sun Life Financial in a research report on Tuesday, May 9th. BidaskClub upgraded Sun Life Financial from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Finally, Bank of America Corporation upgraded Sun Life Financial from an “underperform” rating to a “hold” rating in a report on Monday, July 10th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $45.80.
About Sun Life Financial
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.
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