Private Advisor Group LLC cut its stake in shares of Sun Life Financial Inc. (NYSE:SLF) by 2.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,167 shares of the company’s stock after selling 215 shares during the period. Private Advisor Group LLC’s holdings in Sun Life Financial were worth $257,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Americafirst Capital Management LLC purchased a new stake in shares of Sun Life Financial during the second quarter valued at $110,000. Cribstone Capital Management LLC purchased a new stake in shares of Sun Life Financial during the second quarter valued at $147,000. Advisory Services Network LLC raised its stake in shares of Sun Life Financial by 0.8% in the second quarter. Advisory Services Network LLC now owns 4,951 shares of the company’s stock valued at $163,000 after buying an additional 39 shares in the last quarter. Glenmede Trust Co. NA raised its stake in shares of Sun Life Financial by 4.1% in the second quarter. Glenmede Trust Co. NA now owns 5,332 shares of the company’s stock valued at $174,000 after buying an additional 209 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Sun Life Financial during the first quarter valued at $178,000. 42.93% of the stock is owned by hedge funds and other institutional investors.
Sun Life Financial Inc. (NYSE:SLF) traded down 1.37% during midday trading on Friday, reaching $32.42. The company’s stock had a trading volume of 88,143 shares. The firm has a 50-day moving average price of $31.91 and a 200 day moving average price of $32.70. Sun Life Financial Inc. has a 52-week low of $25.31 and a 52-week high of $35.46. The stock has a market capitalization of $19.87 billion, a price-to-earnings ratio of 12.89 and a beta of 1.15.
Sun Life Financial (NYSE:SLF) last released its earnings results on Wednesday, August 10th. The company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.20. Sun Life Financial had a net margin of 7.47% and a return on equity of 11.88%. The business earned $6.84 billion during the quarter, compared to analysts’ expectations of $4.92 billion. During the same quarter last year, the company earned $1.00 earnings per share. Equities research analysts predict that Sun Life Financial Inc. will post $2.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be paid a $0.3074 dividend. This represents a $1.23 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Monday, August 29th. Sun Life Financial’s payout ratio is presently 49.80%.
Several brokerages recently weighed in on SLF. Argus reissued a “buy” rating and issued a $37.00 price objective on shares of Sun Life Financial in a report on Thursday, June 16th. Canaccord Genuity reissued a “buy” rating and issued a $46.00 price objective (down from $47.00) on shares of Sun Life Financial in a report on Thursday, August 11th. Dundee Securities assumed coverage on Sun Life Financial in a report on Wednesday. They issued a “buy” rating for the company. Bank of America Corp. assumed coverage on Sun Life Financial in a report on Wednesday, August 24th. They set an “underperform” rating for the company. Finally, TD Securities reaffirmed a “buy” rating and set a $47.00 target price on shares of Sun Life Financial in a report on Saturday, August 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $44.33.
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 organization providing a range of protection and wealth products and services. It operates in five segments: Sun Life Financial Canada (SLF Canada), Sun Life Financial United States (SLF U.S.), Sun Life Financial Asset Management (SLF Asset Management), Sun Life Financial Asia (SLF Asia) and Corporate.
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