Russell Investments Group Ltd. increased its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 2.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,125,351 shares of the financial services provider’s stock after buying an additional 31,915 shares during the period. Russell Investments Group Ltd. owned approximately 0.18% of Sun Life Financial worth $40,179,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. boosted its position in Sun Life Financial by 0.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 3,587 shares of the financial services provider’s stock worth $131,000 after buying an additional 17 shares in the last quarter. Rational Advisors LLC boosted its position in Sun Life Financial by 14.3% in the first quarter. Rational Advisors LLC now owns 4,538 shares of the financial services provider’s stock worth $166,000 after buying an additional 567 shares in the last quarter. Advisory Services Network LLC bought a new position in Sun Life Financial during the first quarter worth $194,000. Stifel Financial Corp boosted its position in Sun Life Financial by 1.8% in the first quarter. Stifel Financial Corp now owns 5,811 shares of the financial services provider’s stock worth $209,000 after buying an additional 102 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its position in Sun Life Financial by 7.1% in the first quarter. Wetherby Asset Management Inc. now owns 7,456 shares of the financial services provider’s stock worth $273,000 after buying an additional 496 shares in the last quarter. Institutional investors own 42.95% of the company’s stock.
Shares of Sun Life Financial Inc. (SLF) opened at 38.48 on Friday. Sun Life Financial Inc. has a 12 month low of $30.38 and a 12 month high of $40.57. The stock has a 50 day moving average of $37.62 and a 200-day moving average of $36.15. The firm has a market capitalization of $23.61 billion, a PE ratio of 11.50 and a beta of 0.88.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.29%. The business had revenue of $8.12 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s revenue for the quarter was down 14.8% compared to the same quarter last year. On average, equities research analysts anticipate that Sun Life Financial Inc. will post $3.22 EPS for the current fiscal year.
Sun Life Financial announced that its board has approved a stock repurchase program on Wednesday, August 9th that allows the company to repurchase 11,500,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Wednesday, August 30th will be given a $0.3439 dividend. The ex-dividend date is Monday, August 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.32. This represents a $1.38 annualized dividend and a dividend yield of 3.57%. Sun Life Financial’s payout ratio is currently 40.06%.
A number of research firms have weighed in on SLF. TD Securities upped their price objective on shares of Sun Life Financial from $50.00 to $51.00 and gave the stock a “hold” rating in a research report on Thursday, August 10th. Zacks Investment Research upgraded shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Thursday, June 1st. National Bank Financial restated an “outperform overweight” rating on shares of Sun Life Financial in a research report on Tuesday, May 9th. BidaskClub upgraded shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Finally, Bank of America Corporation upgraded shares of Sun Life Financial from an “underperform” rating to a “hold” rating in a research 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 company. The stock currently has an average rating of “Hold” and an average target price 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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