Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp cut its holdings in Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) by 7.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,985,800 shares of the financial services provider’s stock after selling 240,200 shares during the quarter. Sun Life Financial accounts for approximately 1.4% of Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings, making the stock its 8th largest position. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned approximately 0.50% of Sun Life Financial worth $135,227,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Private Advisor Group LLC bought a new stake in Sun Life Financial during the third quarter valued at $305,000. Comerica Bank boosted its stake in Sun Life Financial by 4.2% during the third quarter. Comerica Bank now owns 43,980 shares of the financial services provider’s stock valued at $1,648,000 after buying an additional 1,771 shares during the period. Wells Fargo & Company MN boosted its stake in Sun Life Financial by 2.0% during the third quarter. Wells Fargo & Company MN now owns 121,512 shares of the financial services provider’s stock valued at $4,831,000 after buying an additional 2,398 shares during the period. JPMorgan Chase & Co. boosted its stake in Sun Life Financial by 285.9% during the third quarter. JPMorgan Chase & Co. now owns 1,119,946 shares of the financial services provider’s stock valued at $44,529,000 after buying an additional 829,711 shares during the period. Finally, Commonwealth Bank of Australia boosted its stake in Sun Life Financial by 5.9% during the third quarter. Commonwealth Bank of Australia now owns 88,313 shares of the financial services provider’s stock valued at $3,508,000 after buying an additional 4,904 shares during the period. 40.82% of the stock is currently owned by institutional investors and hedge funds.
NYSE SLF opened at $38.64 on Tuesday. Sun Life Financial Inc has a twelve month low of $31.49 and a twelve month high of $43.99. The stock has a market cap of $23.12 billion, a price-to-earnings ratio of 10.30 and a beta of 0.86.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, February 13th. The financial services provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.32. Sun Life Financial had a return on equity of 13.83% and a net margin of 9.71%. The business had revenue of $8.18 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter last year, the business posted $1.05 earnings per share. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, equities research analysts forecast that Sun Life Financial Inc will post 3.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a dividend of $0.381 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, February 28th. This represents a $1.52 dividend on an annualized basis and a yield of 3.94%. Sun Life Financial’s dividend payout ratio (DPR) is presently 40.53%.
A number of equities research analysts have weighed in on the company. CIBC downgraded Sun Life Financial from a “neutral” rating to an “underperform” rating and raised their price target for the company from $53.00 to $54.00 in a research report on Thursday, March 14th. Scotiabank restated a “hold” rating and set a $54.00 price target on shares of Sun Life Financial in a research report on Wednesday, February 20th. Canaccord Genuity restated a “hold” rating on shares of Sun Life Financial in a research report on Tuesday, February 5th. Zacks Investment Research downgraded Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. Finally, Argus upgraded Sun Life Financial from a “hold” rating to a “buy” rating in a research report on Monday, December 31st. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $52.20.
Sun Life Financial Company Profile
Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.
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