Avantax Advisory Services Inc. reduced its position in shares of Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) by 17.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,966 shares of the financial services provider’s stock after selling 2,241 shares during the period. Avantax Advisory Services Inc.’s holdings in Sun Life Financial were worth $614,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. CIBC Asset Management Inc boosted its stake in shares of Sun Life Financial by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 7,654,688 shares of the financial services provider’s stock worth $425,792,000 after purchasing an additional 290,601 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Sun Life Financial by 1.8% in the fourth quarter. 1832 Asset Management L.P. now owns 5,988,028 shares of the financial services provider’s stock worth $333,201,000 after acquiring an additional 106,135 shares during the last quarter. Norges Bank acquired a new stake in shares of Sun Life Financial in the fourth quarter worth approximately $297,493,000. Legal & General Group Plc boosted its position in shares of Sun Life Financial by 0.8% in the fourth quarter. Legal & General Group Plc now owns 3,287,868 shares of the financial services provider’s stock worth $183,275,000 after acquiring an additional 27,096 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Sun Life Financial by 2.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,080,741 shares of the financial services provider’s stock worth $115,876,000 after acquiring an additional 40,165 shares during the last quarter. 47.14% of the stock is owned by institutional investors and hedge funds.
Sun Life Financial Stock Up 0.5 %
SLF opened at $43.39 on Monday. The firm has a market capitalization of $25.43 billion, a P/E ratio of 8.30, a P/E/G ratio of 1.01 and a beta of 1.05. The firm’s 50 day moving average is $47.08 and its 200-day moving average is $51.90. Sun Life Financial Inc. has a 52-week low of $42.83 and a 52-week high of $58.49.
Sun Life Financial (NYSE:SLF – Get Rating) (TSE:SLF) last issued its quarterly earnings results on Wednesday, May 11th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.03. The business had revenue of $300.00 million during the quarter. Sun Life Financial had a net margin of 11.38% and a return on equity of 13.66%. Equities analysts expect that Sun Life Financial Inc. will post 4.77 earnings per share for the current fiscal year.
Sun Life Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 1st were paid a $0.537 dividend. This represents a $2.15 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date of this dividend was Tuesday, May 31st. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.52. Sun Life Financial’s payout ratio is 41.68%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Desjardins decreased their target price on shares of Sun Life Financial from C$77.00 to C$73.00 in a research report on Monday, May 16th. Scotiabank decreased their target price on shares of Sun Life Financial from C$71.00 to C$67.00 in a research report on Friday, May 13th. BMO Capital Markets decreased their target price on shares of Sun Life Financial from C$75.00 to C$72.00 in a research report on Wednesday, June 1st. StockNews.com started coverage on shares of Sun Life Financial in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, TD Securities reduced their price target on shares of Sun Life Financial from C$72.00 to C$68.00 in a research report on Wednesday, June 1st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.23.
About Sun Life Financial
Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. It offers term and permanent life, as well as personal health, dental, critical illness, long-term care, and disability insurance products. The company also provides reinsurance products; investment counselling and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate property brokerage and appraisal services; and merchant banking services.
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