MidFirst Bank Acquires Shares of 30,593 Sun Life Financial Inc. $SLF

MidFirst Bank acquired a new position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 30,593 shares of the financial services provider’s stock, valued at approximately $2,399,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Sun Life Financial in the 1st quarter valued at about $25,000. Cornerstone Planning Group LLC grew its stake in Sun Life Financial by 68.4% in the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 167 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in Sun Life Financial in the fourth quarter valued at about $30,000. Sittner & Nelson LLC acquired a new stake in Sun Life Financial during the fourth quarter valued at approximately $33,000. Finally, Scarborough Advisors LLC bought a new position in Sun Life Financial during the 1st quarter worth approximately $33,000. Institutional investors own 52.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SLF shares. Wall Street Zen upgraded Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 26th. Royal Bank Of Canada upped their price target on Sun Life Financial from $98.00 to $119.00 and gave the company a “sector perform” rating in a research report on Monday, August 10th. TD Securities reaffirmed a “buy” rating on shares of Sun Life Financial in a report on Friday, August 7th. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Friday, April 24th. Finally, Barclays restated an “underweight” rating on shares of Sun Life Financial in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sun Life Financial presently has an average rating of “Moderate Buy” and an average price target of $96.33.

Sun Life Financial Price Performance

NYSE SLF opened at $80.74 on Tuesday. Sun Life Financial Inc. has a 12 month low of $57.22 and a 12 month high of $84.38. The firm has a market capitalization of $45.00 billion, a PE ratio of 18.87 and a beta of 0.88. The company’s 50 day simple moving average is $79.89 and its 200 day simple moving average is $71.78.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. The firm had revenue of $10.10 billion during the quarter, compared to the consensus estimate of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. Sell-side analysts anticipate that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Wednesday, August 26th. Sun Life Financial’s payout ratio is currently 66.12%.

About Sun Life Financial

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.